{"id":1004592802,"date":"2022-07-22T01:56:59","date_gmt":"2022-07-22T09:56:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004592802"},"modified":"2022-12-08T19:19:00","modified_gmt":"2022-12-09T03:19:00","slug":"oko-group-jv-secures-60-ksf-tenant-at-miami-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/oko-group-jv-secures-60-ksf-tenant-at-miami-tower\/","title":{"rendered":"OKO Group, Cain Sign 60 KSF Tenant at Miami Tower"},"content":{"rendered":"
\"\"<\/a>

830 Brickell. Image courtesy of OKO Group and Cain International<\/p><\/div>\n

After topping out the 55-story skyscraper<\/a> last month, co-developers OKO Group<\/strong> and Cain International <\/strong>secured another tenant at 830 Brickell, a 640,000-square-foot office tower taking shape in Miami\u2019s Brickell Financial District. Law firm Sidley Austin LLP <\/strong>inked a 60,000-square-foot lease and will occupy three floors at the 724-foot high-rise.<\/p>\n

The Miami office will be the Chicago-based tenant\u2019s first in The Magic City and the global firm\u2019s 21st worldwide. The transaction marks the largest new-to-market lease signed in Miami\u2019s urban core year-to-date. JLL<\/strong> negotiated on behalf of the tenant, while Cushman & Wakefield<\/strong> represented the landlord.<\/p>\n

The developers broke ground on 830 Brickell\u2014currently the largest office building under construction in Miami<\/a>\u2014in 2019, after securing a $300 million construction loan from MSD Capital<\/strong>. Building plans were adjusted once the COVID-19 pandemic began in 2020 to include the latest health requirements for heating, ventilation and air conditioning systems as well as contactless entry and exit technology.<\/p>\n

\n

READ ALSO:<\/strong> Florida Among Five States That Are Corporate Relocation Magnets<\/a><\/p>\n

\n

Ahead of its late-2022 completion, the office tower taking shape at 830 Brickell Plaza is already nearly 70 percent leased. The Adrian Smith + Gordon Gill<\/strong>-designed building will be home to Microsoft<\/a>, which agreed to occupy 50,000 square feet of space for its Latin America regional team.<\/p>\n

Other notable tenants include aircraft leasing company AerCap, which will relocate its headquarters<\/a> to occupy the property’s entire 50th floor, and Canadian investment firm CI Financial, which increased its original lease to nearly 40,000 square feet. A-CAP, Thoma Bravo, Marsh Insurance and WeWork<\/a> will also be on the roster.<\/p>\n

Miami\u2019s strong office market<\/h2>\n

As of June, the office vacancy rate in the Miami metro dropped 20 basis points month-over-month to 12.9 percent, according to CommercialEdge. The figure is well below the 15.2 percent national average and represents a 200-basis-point decrease year-over-year, marking one of the largest 12-month changes among U.S. markets. The metro was outpaced only by Phoenix (-240 basis points).<\/p>\n

Amid amplified migration patterns, Miami is a clear winner. Among the companies seeking to relocate, the road led to Miami for health-care company Makana Therapeutics, commercial airline El Al, fintech company FundKite and hedge-fund firm Citadel.<\/p>\n

Tenants seeking to relocate to The Magic City are mainly from New York, Chicago and San Francisco, Cushman & Wakefield Vice Chairman Brian Gale said in prepared remarks. Gale worked together with Ryan Holtzman and Andrew Trench in assisting the landlord, while Sidley was represented by JLL\u2019s Jeff Gordon and Barbara Black.<\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction marks the largest new-to-market lease in the city\u2019s urban core so far this year.<\/p>\n","protected":false},"author":1763,"featured_media":1004592804,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,22251,1492,21742,21747],"tags":[47255,32799,32796,46619,34245],"class_list":["post-1004592802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-in-focus","category-miami","category-latest","category-office","tag-cain-international","tag-cushman-wakefield","tag-jll","tag-oko-group","tag-sidley-austin-llp"],"acf":[],"yoast_head":"\nOKO Group, Cain Sign 60 KSF Tenant at Miami Tower - CPE<\/title>\n<meta name=\"description\" content=\"OKO Group and Cain International secure law firm Sidley Austin LLP as tenant at 830 Brickell in Miami\u2019s Brickell Financial District.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/oko-group-jv-secures-60-ksf-tenant-at-miami-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OKO Group, Cain Sign 60 KSF Tenant at Miami Tower\" \/>\n<meta property=\"og:description\" content=\"OKO Group and Cain International secure law firm Sidley Austin LLP as tenant at 830 Brickell in Miami\u2019s Brickell Financial District.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/oko-group-jv-secures-60-ksf-tenant-at-miami-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-22T09:56:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:19:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/830-Brickell-featured-e1658413134754.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"906\" \/>\n\t<meta property=\"og:image:height\" content=\"678\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/oko-group-jv-secures-60-ksf-tenant-at-miami-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/oko-group-jv-secures-60-ksf-tenant-at-miami-tower\/\",\"name\":\"OKO Group, Cain Sign 60 KSF Tenant at Miami Tower - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/oko-group-jv-secures-60-ksf-tenant-at-miami-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/oko-group-jv-secures-60-ksf-tenant-at-miami-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/830-Brickell-featured-e1658413134754.jpg\",\"datePublished\":\"2022-07-22T09:56:59+00:00\",\"dateModified\":\"2022-12-09T03:19:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/bd1ef74130b86a7c6013eaa04b08b28d\"},\"description\":\"OKO Group and Cain International secure law firm Sidley Austin LLP as tenant at 830 Brickell in Miami\u2019s Brickell Financial District.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/oko-group-jv-secures-60-ksf-tenant-at-miami-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/oko-group-jv-secures-60-ksf-tenant-at-miami-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/oko-group-jv-secures-60-ksf-tenant-at-miami-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/830-Brickell-featured-e1658413134754.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/830-Brickell-featured-e1658413134754.jpg\",\"width\":906,\"height\":678,\"caption\":\"830 Brickell. 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