A global insurance and reinsurance company, MS Reinsurance, along with commercial real estate finance and advisory firm Walker & Dunlop, will establish offices in Miami’s Brickell district. MS Reinsurance has leased 7,700 square feet and plans to relocate from its current office at 701 Brickell Avenue to the 801 Brickell tower in the first quarter of next year. Walker & Dunlop is entering the Miami market for the first time with a lease for 2,900 square feet at the same location.
The leasing arrangements were facilitated by Stephen Rutchik of Colliers representing the building owners. Kevin Gonzalez represented MS Reinsurance, while Keith Edelman and Scott Goldstein of CBRE acted on behalf of Walker & Dunlop.
Ownership of 801 Brickell changed hands in 2023 when Monarch Alternative Capital, based in New York, and Tourmaline Capital Partners from Bryn Mawr, Pennsylvania acquired it for $250 million. The joint venture secured $229 million in refinancing last month through Goldman Sachs and Wells Fargo. Monarch is led by co-CEOs Michael A. Weinstock and Chris Santana; Brandon Huffman leads Tourmaline. The owners are also developing a 14,800-square-foot office penthouse expected to be completed early next year.
Another global insurer, London-based Howden, has leased 23,700 square feet at 600 Brickell World Plaza with plans to open its new office early next year. The lease was brokered by Jonathan Kingsley and Zach Smith of Colliers along with Jodie Poirier of Occupier Services for the tenant; Ilene Munoz of Elm Spring represented the landlord. Records indicate that Brickell Holdings owns this tower.
Elsewhere in Miami-Dade County, ADP—a human resources and payroll services provider headquartered in Roseland, New Jersey—will move its regional office to Waterford Business District near Miami International Airport after leasing 78,300 square feet at 703 Waterford Way. Juan Ruiz and Andres del Corral from Blanca Commercial Real Estate represented the landlords Nuveen Real Estate (based in Chicago) and Pimco Prime Real Estate (part of Allianz Group). The Waterford Business District spans more than three million square feet across a 250-acre site.
In Broward County’s Sawgrass International Corporate Park located in Sunrise, two Florida state agencies will relocate their local offices: The Department of Financial Services leased 21,000 square feet while the Department of Revenue took up 19,000 square feet within Sawgrass Concourse at 789 and 799 International Parkway. Gordon Messinger of CBRE represented property owner MG3 Group during these transactions.
Retail activity continues elsewhere as OluKai opened a Hawaiian-inspired footwear store occupying 1,300 square feet at CityPlace complex in downtown West Palm Beach—a development originally completed by Related Companies under Steve Ross’s leadership. Ross remains nonexecutive chairman and largest shareholder after stepping back from day-to-day operations last year to focus on Related Ross.
Emigrant Bank is set to open a branch downtown West Palm Beach with an 1,800-square-foot lease at The Strand condominium building located at 277 Evernia Street; Fabio and Sebastian Faerman from FA Commercial handled representation for the tenant.
Additionally, Destination XL Group has launched a DXL Big + Tall menswear store at 11010 Pines Boulevard in Pembroke Pines according to a news release issued by the retailer. Property records show ownership ties to Cornfeld Group based in Hollywood and HB Capital Group out of Sunny Isles Beach.
