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Downsizing SunTrust Extends Lease on Miami's Signature Brickell Avenue

Bank Has Anchored 777 Brickell Since 1978
September 7, 2018
SunTrust Bank has at least another decade at 777 Brickell Ave., but in a smaller space as the bank is planning a major downsize in the Miami office tower it has anchored since the building opened in 1978.

The bank extended its lease for 10 years beginning in July 2019, and will occupy 25,631 square feet, according to Cushman & Wakefield, which represented SunTrust as well as landlord Alliance Real Estate Holdings, of Aventura, Florida.

SunTrust occupies more than 100,000 square feet in the 288,457-square-foot building, also known as Brickell Bay Plaza, a source said.

The lease extension consists of 2,810 square feet for a redesigned, ground-floor bank branch and 22,821 square feet of ninth-floor office space with water views, Cushman & Wakefield said. SunTrust will maintain its building signage.

Cushman brokers were not available for comment. In a statement, Managing Director Jason Donald praised Alliance for understanding the importance of retaining SunTrust and for accommodating “the new initiatives and branding SunTrust is rolling out to better serve its banking clients.”

Alliance bought the tower in 2015 from CBRE Global Investors for $140 million, or about $485 per square foot, according to CoStar data.

The 13-story building is currently about 98 percent occupied, according to CoStar data. Other tenants include financial services firms Insigneo and Pillar Capital Finance.



Paul Owers, South Florida Market Reporter  CoStar Group   
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