This document summarizes leasing activity and market trends in the Downtown Miami and Brickell areas for January/February 2011. Key points include: - Total occupancy increased from 77.2% to 78.1%, while average asking rents dipped slightly to $39.91 per square foot. - Notable leases included DLA Piper taking 22,567 square feet in 200 S Biscayne Blvd and Optima Ventures expanding in the same building. - The former Brickell Financial Centre was renamed Brickell World Plaza and received $130 million in construction financing to be completed this year.

1. Studley 25
Miami Index
Downtown Miami &
Brickell
Downtown Miami Market Highlights
Largest Leasing activity for the first two months of 2011 continued its upward
Building Year Building Contiguous Vacancy climb as total occupancy increased in the Downtown Miami and
Building Address Class Built Size SF Available(1) Rate(2)
Brickell Financial markets from 77.2% at year-end 2010 to 78.1% at
333 Avenue of the A 2010 752,488 SF 400,000 SF 57.8% the end of the January/February 2011 reporting period. Rents dipped
Americas slightly to an average Class A and upper tier Class B asking rate of
100 SE 2nd St A 1987 600,959 SF 54,095 SF 22.5% $39.91 dropping below $40.00 per square foot for the first time since
150 W. Flagler St A 1983 234,910 SF 14,087 SF 13.8% 3Q2008.
200 S. Biscayne Blvd A 1984 1,225,000 SF 67,629 SF 15.0% Adding to positive absorption was DLA Piper’s entry into Miami’s
financial district with its 22,567 square foot lease of the entire 23rd
201 S. Biscayne Blvd A 1982 782,210 SF 47,079 SF 19.0% floor of 200 S Biscayne Blvd. Also in the building, Optima Ventures
1 SE 3rd Ave B 1973 420,080 SF 26,824 SF 18.2% expanded into the former 55th floor Miami City Club consisting of
15,552 square feet. Conversely, Epstein Becker & Green announced
2 S. Biscayne Blvd B 1974 691,783 SF 30,708 SF 10.0%
it will close its Miami operations and will sublease its 43rd floor, 23,380
Brickell square feet offices. Wells Fargo Bank extended term on its 22,518
square foot 32nd floor in the building at the same time returning its
Largest naming rights. Miami’s tallest office tower has been renamed the
Building Year Building Contiguous Vacancy
Building Address Class Built Size SF Available(1) Rate(2) Southeast Financial Center.
701 Brickell Ave A 1986 677,667 SF 32,751 SF 11.1% In more renaming activity, the former Brickell Financial Centre at
600 Brickell Avenue has been renamed the Brickell World Plaza
801 Brickell Ave A 1985 415,150 SF 17,900 SF 19.1%
and building developer and ownership partner, Foram Group, has
1111 Brickell Ave A 2000 522,892 SF 35,490 SF 13.7% announced that it has secured construction financing to complete
1221 Brickell Ave A 1986 407,246 SF 152,733 SF 57.3% the project through Canyon Capital Realty Advisors in the amount of
$130 million. Canyon Capital Realty Advisors is often associated with
1395 Brickell Ave A 2004 260,000 SF 2,717 SF 3.3% real estate investment partnerships involving Earvin “Magic” Johnson
1441 Brickell Ave A 2003 254,648 SF 1,500 SF 0.0% although his direct involvement in this project is unknown. Interestingly,
competing project Wells Fargo Center involves investment and
1450 Brickell Ave A 2010 582,817 SF 171,250 SF 47.0%
marketing partner, The O’Neal Group, a real estate development and
1001 Brickell Bay Dr A 1985 280,500 SF 10,780 SF 15.1% consulting company headed by Shaquille O’Neal.
501 Brickell Key Dr A 1986 120,531 SF 16,610 SF 22.4% Brickell World Plaza is a 600,000 square foot, 40-story building
601 Brickell Key Dr A 1989 207,489 SF 18,784 SF 24.4% that is pre-certified LEED platinum which is the highest certification
provided by the US Green Building Council. The building is expected
444 Brickell Ave B 1973 200,000 SF 32,778 SF 34.3%
to be ready for commencement of tenant construction by mid-year.
777 Brickell Ave B 1980 288,457 SF 20,495 SF 9.0% The addition of this building to the Downtown and Brickell Financial
800 Brickell Ave B 1981 208,325 SF 10,590 SF 22.7% districts will maintain current rental pressure on building owners and
it is anticipated that vacancy will increase to about 24% although little
848 Brickell Ave B 1981 100,425 SF 2,231 SF 6.1% change, if any, is anticipated in current rates and leasing incentives.
999 Brickell Ave B 1973 101,073 SF 9,249 SF 17.4%
1200 Brickell Ave B 1986 231,501 SF 6,107 SF 0.0% 90.0%
88.0%
1401 Brickell Ave B 1974 188,138 SF 6,180 SF 14.7%
86.0%
80 SW 8th St B 1986 286,341 SF 16,214 SF 22.0%
84.0%
Total
Percent Leased Rate
82.0%
Existing RBA: 10,048,886 SF 80.0%
Vacant: 2,200,284 SF 21.9% 78.0%
Occupied: 7,848,602 SF 78.1% 76.0%
Average Asking Rent: $39.91 SF 74.0%
(1) (2)
Includes future availabilities currently being marketed. Vacancy Rate includes only space currently indicated as vacant. 72.0%
For additional information please contact: 70.0%
Chris Lovell at 305.423.1925 or clovell@studley.com
The Studley 25 Miami Index is a bi-monthly comparison of the top twenty-five
Class A and Class B buildings that constitute the competitive market
in the Downtown Miami & Brickell Financial District. Percent Leased in all Miami 25 Index Buildings
January/February 2011