Bilzin Sumberg Baena Price & Axelrod LLP

Miami, FL
1450 Brickell, 80,000 SF

Cresa Miami

 

Client Objectives

The law firm of Bilzin Sumberg Baena Price & Axelrod hired Cresa in 2006 to renew the Firm's lease in the Wachovia Financial Center or to negotiate a deal in any existing or future buildings that were delivering space by 2011. After reviewing over 10 alternatives, and after very serious, intensive negotiations in 2008 a deal was signed at Brickell Financial Center resulting in a very substantial savings from their then comparison renewal.

Result

In February 2009, the Firm’s lease with Brickell Financial Center was terminated. After termination, Bilzin Sumberg hired Cresa to again negotiate a favorable transaction, but this time on a much shorter time frame. It was the Firm's intent to have a new lease fully executed within 6 months. After reviewing seven alternatives, it was apparent that three alternatives met the needs of the Firm for all of its initial space and its future contiguous expansions (two being in new buildings under construction and one being the renewal lease). This created an even more favorable environment for the Firm as the market had continued to decline. Their existing Landlord's ownership had changed and they were willing to become extremely competitive to the market. After countless rounds of negotiations and due diligence research continuing on a 24-hour, 7 day basis, three fully-negotiated transactions were presented to the Firm and in August of 2009, 1450 Brickell was selected.