Shipping company renews 20K-SF lease at One Biscayne Tower – Trade Observer

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Carrier CMA-CGM renewed his lease at Miami’s A Biscayne Towerlearned Commercial Observer.

The French company will renew its 20,173 square foot office, which spans nearly a full floor of the 40-story property, and where it has been based since 2006. The new, restructured deal extends CMA’s tenure to the end of 2031.

CMA, whose lease expired in 2026, began exploring its options in 2019, in part due to new Class A inventory coming to market. Even as the pandemic raged, the company was not planning to cut its workforce in favor of remote work, Newmarkit is Sidner claywho represented the tenant, told Commercial Observer.

The preemptive talks were about “getting a game plan on how we look at this early and locking ourselves into a better deal today in the long run,” Sidner added.

One factor for staying was the property’s new ownership, which planned to renovate the nearly 50-year-old building. CP groupin partnership with Rialto Capital Management and Sabal Capital Partners, bought the property last year for $225 million.

The joint venture has already made improvements to the ventilation system and lobby, including the addition of a contactless visitor check-in device.

With asking rent hovering between $50 and $54 per square foot, the 982,578 square foot tower is now 82% leased, up from 65% in 2021. Located along one of Miami’s boulevards, One Biscayne Tower faces Biscayne Bay, just two miles from the Port of Miami.

Last month, CP Group increased its mortgage by $115 million by Nuveanit is TIAA of $45 million, bringing the total senior debt on the property to $160 million, according to mortgage documents. A CP representative declined to comment on the loan or lease.

Brian Gale, Ryan Holtzman and Andrew Trench of Cushman and Wakefield represented the owner in the restructuring of the CMA lease. Newmarkit is Jeremy Hakala worked with Sidner on behalf of the tenant.

Julia Echikson can be reached [email protected].

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