Miami Center office tower to undergo $20M renovations after Citigroup renews lease

The 34-story Miami Center office tower downtown is set to undergo $20 million in renovations after main tenant Citigroup renewed its lease.

The banking giant (NYSE: C) will continue to occupy 125,000 square feet at the building, at 201 S. Biscayne Blvd., and will add a retail branch there. Citibank had $3.1 billion in deposits in that office as of June 30, 2014, according to the Federal Deposit Insurance Corp. – its most in Miami-Dade County

Cushman & Wakefield’s Jon Blunk represented landlord Crocker Partners in the lease, while NGKF’s Patrick Duffy represented Citigroup.

“Locking in a long-term lease at today’s rental rates is a wise move,” Crocker Partners’ Angelo Bianco said. “Tenant demand from both organic and new tenant growth is in its fourth consecutive year of expansion. Couple that fact with the limited amount of office development in the pipeline and we have a perfect storm on the 12-to-24-month horizon for a significant increase in rents.”

Meanwhile, Crocker Partners said the $20 million in renovations to Miami Center will include a makeover of the lobby and exterior plaza, a new entrance with a valet, and elevator modernization. The tower totals 786,267 square feet.

Miami Center will undergo a $20 million renovation.

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Story by: Brian Bandell – Jun 26, 2015, 11:25am EDT
Photo Courtesy: Biz Journals

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