CBRE Group, Inc., announced today that it has been selected to exclusively handle leasing for the retail component of the high-profile Miami Tower in downtown Miami and is seeking eclectic retailers and restauranteurs for the building.
Sumitomo Corp., which purchased the 630,000-square-foot tower earlier this year, selected CBRE to handle retail leasing, Cushman & Wakefield to handle office leasing and Transwestern to manage the property. Built in 1987 and designed by noted architect I.M. Pei, Miami Tower stands 47 stories high, ranking it as Miami’s eighth-tallest building and one of the most recognizable in its evolving skyline.
The tower includes roughly 20,000 square feet of retail space, split between ground-level small shops and a showcase restaurant space in its 11th-floor sky lobby. CBRE is seeking an eclectic mix of retailers that will enhance the tower’s amenities and atmosphere as a unique destination. Key to that effort is the elevated lobby, which offers a view of downtown and the vibrant Brickell submarket from its expansive, open-air patio.
“We want to bring in a top-tier, world-class restaurant operator who can capitalize on this outdoor venue, one of the best in Miami,” said Zach Winkler, who now handles Miami Tower’s retail leasing with Jonathan Rosen. “The space already includes a full, commercial kitchen and an expansive patio, which make it ideal for hosting events of up to 1,000 people.”
Even with substantial new retail space coming online this year, the Miami market continues to experience strong demand and a healthy vacancy rate of a slim 3.2 percent. Around Miami Tower, retail vacancy measures a healthy 6.8 percent downtown and just 1 percent in the Brickell submarket.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
