999 BRICKELL RENOVATION YIELDS PREMIER BRICKELL AVENUE IN MIAMI

In today’s economy, even tenants in the prestigious Brickell financial district are in need of affordable office space. 999 Brickell, now undergoing a $2 million plus renovation, is that building. The Congress Group has recently released “rent ready” office suites, a product of the current renovation that is yielding a premier Brickell Avenue address at affordable rates.  Also critical to the new look and identity of this 11-story building are new roofs, chillers and air handling equipment, and the replacement of all flooring. Additionally, the current ground-floor plaza area is being analyzed as the site for a new restaurant.  Completion of the renovations is expected within the next 12 to18 months.

“We’re not only making cosmetic enhancements; we’re increasing the asset value by going right to the backbone of the building,” explained Paula Phillips, vice president of The Congress Group. “They are discreet improvements that reduce noise, create greater energy efficiency and lower operating expenses in the long run. And although these improvements will enable us to compete with Class A buildings in the area, our pricing is considerably more attractive.”

Since it was acquired and renovated by The Congress Group and the esteemed Transwestern has been brought on as leasing agent, 999 Brickell has successfully been repositioned; 999 Brickell has been able to retain the majority of the existing tenants and capture new tenants in the marketplace at significantly higher rental rates. Rents start at $35.00 per square foot; comparable Brickell office space start at $38.00 per square foot.

Phillips added, “Because it is very costly to build new product and keep rents competitive, we are taking a building with great potential and renovating it so it is on par with other new buildings in this prime ‘Wall Street of the South’ location, but at lower rents. We will be the high-quality, value alternative in this area and are coming in at a perfect time, just when the credit markets are turning around and there is liquidity in the marketplace.”

Highlighted by an attentive and service-oriented onsite management staff, 999 Brickell features generous office space with spectacular views of Biscayne Bay and Brickell Avenue. The top-floor penthouse suites have large private balconies. Among the premium amenities are 24-hour manned security and an above-market parking ratio of 3.0 spaces/1,000 rentable square feet within a covered parking garage. The location provides an abundance of parking and easy access onto either Brickell Avenue or Brickell Bay Drive.

999 Brickell features 100,000 square feet of office space and is anchored by Helm Bank. The building currently has available office space ranging from 1,200 to 9,200 contiguous square feet; tenants may assemble four full floors totaling 36,000 square feet. 

The Congress Group is a Boston-based real estate investment and development firm that provides solid, stable ownership. Over the past 25 years, The Congress Group has developed more than 6.5 million square feet valued in excess of $1.5 billion. 

For more information on 999 Brickell, visit www.999brickell.com.  For information on leasing, call the Transwestern team: Laurel Oswald, 305-808-7820; Walter Robinson, 305-808-7818; or Jennifer Lee, 305-808-7314.