Dealmakers:Tere Blanca, Danet Linares, Hank Klein, Alexander Cahlin, Donald Cartwright and Nicole Vassilaros
The Deal: Tere Blanca and her team at Blanca Commercial Real Estate negotiated a large long-term lease for the Miami office of international law firm White & Case. Cartwright and Nicole Vassilaros at Jones Lang LaSalle represented the landlord of the Southeast Financial Center as exclusive leasing agents.
Details: While office tenants are not leaving space behind at the rate they did during the worst of the economic crisis, a lease renewal in the Southeast tower shows some white-collar companies are still shrinking their square feet requirements.
White & Case signed a 10-year lease renewal in November for 57,494 square feet. Specific financial terms were not disclosed, but a representative of the firm’s broker said the deal was “valued at around $20 million over 10 years based on the building’s average leasing rates.”
“Once we went through the whole process, the outcome after the renovation work that they’re undertaking this year is they’re able to operate with one less floor than what they were at the time occupying and paying for,” Blanca said. “That certainly gives them a great opportunity to stay in the building and operate more efficiently, not having to use that space.”
She suggested other office tenants might be seeing an opportune time to negotiate their leases.
“In general, there’s great opportunity right now as a user to be in the market,” she added. “Most landlords will want to see a quality tenant in their building.”
Besides Blanca, Danet Linares, a vice chairman at Blanca Commercial Realty who had a previous relationship with the Southeast Financial Center management, participated in the deal. Hank Klein and Alexander Cahlin of Blanca also represented the client.
Southeast Financial Center was able to keep White & Case despite competition from newer buildings “through its ability to respond to the growing desire to blend efficient design with professional service needs,” Cartwright said in a statement.
Background:Blanca is president and CEO of Blanca Commercial Real Estate, which specializes in South Florida office space. Linares and Klein are vice chairmen at Blanca. Cahlin is an assistant vice president. Cartwright is senior vice president with Jones Lang LaSalle, and Vassilaros is a vice president.