A global insurance and reinsurance company, MS Reinsurance, along with commercial real estate finance and advisory firm Walker & Dunlop, will open new offices in Miami’s Brickell district. According to a news release from the landlords’ broker, MS Reinsurance has leased 7,700 square feet and will relocate from its current office at 701 Brickell Avenue to the 801 Brickell tower in the first quarter of next year. Walker & Dunlop has leased 2,900 square feet at the same building and is entering the Miami market for the first time.
The leasing negotiations involved several brokerage teams: Stephen Rutchik represented the building owners on behalf of Colliers, Kevin Gonzalez represented MS Reinsurance, while Keith Edelman and Scott Goldstein of CBRE acted for Walker & Dunlop.
The 26-story office tower at 801 Brickell Avenue was acquired in 2023 by Monarch Alternative Capital, based in New York, and Tourmaline Capital Partners from Bryn Mawr, Pennsylvania, for $250 million. The owners recently secured a $229 million refinancing package from Goldman Sachs and Wells Fargo. Monarch is led by co-CEOs Michael A. Weinstock and Chris Santana; Tourmaline is headed by Brandon Huffman. The ownership group is also developing a 14,800-square-foot penthouse office space at the property that is expected to be completed early next year.
In another deal in Brickell, London-based Howden has leased 23,700 square feet at the 600 Brickell World Plaza. Howden plans to open its new office early next year in the 40-story tower located at 600 Brickell Avenue. Jonathan Kingsley and Zach Smith of Colliers represented Howden along with Jodie Poirier of Occupier Services; Ilene Munoz of Elm Spring represented the landlord. Records show that Brickell Holdings owns this tower.
Outside of Brickell, human resources and payroll services provider ADP will relocate its Miami-Dade County office to Waterford Business District near Miami International Airport. The Roseland, New Jersey-based company signed a lease for 78,300 square feet at 703 Waterford Way. ADP will move from its current location at 10200 Southwest 72nd Street near South Miami. Juan Ruiz and Andres del Corral of Blanca Commercial Real Estate represented the landlords.
Waterford Business District covers about 250 acres with over three million square feet of office space. It is owned by Nuveen Real Estate—led by Mike Sales—and Pimco Prime Real Estate—headed by François Trausch—which operates as part of Allianz Group.
Two Florida state departments are set to move their Broward County offices to Sawgrass International Corporate Park in Sunrise by 2026. The Department of Financial Services has leased 21,000 square feet while the Department of Revenue has taken up a lease for 19,000 square feet within Sawgrass Concourse (located at 789 and 799 International Parkway). Gordon Messinger of CBRE represented MG3 Group—the owner led by Marcelo Saiegh, Hernan Leonoff and Gustavo Bogomolni—in these transactions.
Other recent leases include OluKai—a Hawaiian-inspired footwear brand—opening a new store occupying 1,300 square feet at CityPlace in downtown West Palm Beach last week. CityPlace was completed by Related Companies in 2000; Steve Ross remains nonexecutive chairman after stepping back from day-to-day operations last year but continues as largest shareholder.
Emigrant Bank will establish a branch in downtown West Palm Beach after leasing an office at The Strand condominium building (277 Evernia Street), while retailer Destination XL Group opened a DXL Big + Tall store in Pembroke Pines (11010 Pines Boulevard).
Records indicate that ownership entities tied to Cornfeld Group (Hollywood) and HB Capital Group (Sunny Isles Beach) own the Pembroke Pines retail property.
