KKR and Parkway Property Investments LLC have signed a long-term lease with Millennium Management for more than 74,000 square feet across three floors at 1111 Brickell, a 30-story Class A office tower located in the heart of Miami’s Brickell submarket.
1111 Brickell is a 524,000-square-foot waterfront office tower overlooking Biscayne Bay.
Since purchasing the property in 2018, KKR and Parkway have completed significant upgrades including redesigning the entrance and renovating the lobby, as well as adding multiple points of fiber entry and cellphone signal technology.
“We are delighted to welcome Millennium to Miami as a long-term tenant of 1111 Brickell,” said Parkway’s John Guitar and Phil Marchese.
“From the outset of our ownership alongside KKR, we have focused on delivering a world-class office hospitality experience with amenities tailored to the needs of today’s high performing tenants who value collaboration, healthy living and convenience. Our recently completed renovations and enhancements at 1111 Brickell have helped to make the property a destination of choice for the leading financial and technology firms coming to Miami for its innovative workforce and dynamic lifestyle,” he added.
“The explosive growth we are seeing in Miami today is an exciting acceleration of the long-term trends in net migration and outsized white-collar job growth which were central to our thesis when we acquired 1111 Brickell in 2018,” said Ben Brudney, a Director in the Real Estate group at KKR.
“This lease agreement with one of the world’s leading investment managers is a great endorsement of the business plan we have implemented in strategic partnership with the Parkway team led by John and Phil.”