2
C B Richard Ellis
AREA LEADER
MARY JO EATON, Senior Managing Director, Florida
Total Square Footage of Leases Closed: 9,795,262 SF
At NAIOP’s South Florida 2011 Awards of Excellence ceremony in
February, CBRE senior vice president David Albert and vice president Devin White took the honors for arranging the industrial
lease of the year. The duo represented Bel Inc. in its search for a
location that would allow the promotional product company to
both expand and consolidate from three separate operations in
Miami, housing approximately 500 employees in a single facility.
The search culminated in Bel leasing 342,750 square feet at
Morgan Stanley Real Estate’s three-building Lincoln Logistics
Park in Miami this past December. This transaction represented
Miami’s largest industrial lease transaction in 2010. Both Albert
and White had joined CBRE as industrial specialists shortly
before arranging the Bel deal.
The entire CBRE Florida leasing team was busy last year, closing a total of 491 leases worth an aggregate $531.44 million.
F lagler Real Estate Services LLC
3
AREA LEADER
STEPHEN “PIKE” ROWLEY, President
Total Square Footage of Leases Closed: 8,270,000 SF
In early summer 2010, the Miami office market added its largest
contiguous supply of space in 26 years and Flagler arranged what it
says is the highest value office lease the market had seen in a comparable period of time. And that’s just one of the 376 leases, worth
a total $784.65 million, that Flagler closed last year.
Vice president Jack Lowell, the leasing agent for the newly
opened 750,000-square-foot Met2 Financial Center, helped bring
Wells Fargo & Co. to the 47-story tower with a 20-year lease of nearly
WHEN RANKED BY THE TOTAL
NUMBER OF LEASES SIGNED,
THE TOP FIVE FIRMS ARE:
1. Colliers International (1,013 leases)
2. Cushman & Wakefield (877)
3. CB Richard Ellis (491)
4. Flagler Real Estate Services (376)
5. The Shopping Center Group (201)
TOP-PRODUCING LEASING BROKERS
JOHN GILBERT
Senior Vice President,
Orlando
JEFF HOLDING
Senior Vice President,
Fort Lauderdale
JEFFREY KELLY
Senior Vice President,
Palm Beach County
This year “will be remembered as the year Florida began its slow
and steady climb out of the recession,” says Mary Jo Eaton,
senior managing director for Florida. “Although market dynamics have begun to slowly improve, the road to recovery is projected to be a steady climb. We are seeing increased interest and
activity in our Florida markets, leaving us optimistic for the
future. After several years of cost cutting in all sectors of businesses, companies are feeling more confident, with many even
announcing plans for hiring in 2011.”
TOP-PRODUCING LEASING BROKERS
JACK LOWELL
Vice President
GEORGE I. PINO
Senior Vice President
JUAN RUIZ
Vice President
100,000 square feet reportedly valued at $78 million. Along with a
new tenant, the property took on a new name: the Wells Fargo
Center. The deal enabled Wells Fargo to consolidate its Miami
operations from the Wachovia Financial Center and the Mellon
Financial Center. Previously, Deloitte had taken approximately
50,000 square feet at the Wells Fargo Center in a 12-year deal.
By the time the Wells Fargo Center opened, the Miami office
market had already added 1.3 million square feet of new space
year-to-date in 2010, GlobeSt.com reported last July. This year will
also see new construction coming on line, making the leasing market more challenging. “With a combination of modest employment
growth and delivery in excess of one million square feet of new
space in Miami-Dade County in 2011, the market will continue to
favor tenants,” says FRES president Pike Rowley. Similarly, on the
industrial side, he says that tenants are securing “long-term leases
at favorable rates. Landlords with quality, functional space are better positioned as tenants continue relocating to higher quality
assets. Pressure to lease class A space in the market continues to put
downward pressure on rental rates for B and C products.”
