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KKR and Parkway Sign 74,000 SF Lease with Millennium Management at 1111 Brickell in Miami
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KKR and Parkway Property Investments signed a long-term lease with Millennium Management for over 74,000 square feet at 1111 Brickell, a Class A office tower in Miami. The lease will accommodate investment professionals and technology teams. The tower underwent significant renovations since KKR's acquisition in 2018, enhancing amenities to attract top firms. KKR's director noted the growth in Miami's white-collar job market aligns with their investment thesis. This agreement strengthens KKR's position in the Miami commercial property market, showcasing its strategic approach to real estate.
Positive
Secured a long-term lease with Millennium Management for over 74,000 square feet at 1111 Brickell.
Significant renovations at 1111 Brickell since 2018 have improved tenant appeal, including modern amenities.
The lease reflects KKR's investment strategy benefiting from Miami's growing white-collar job market.
MIAMI--(BUSINESS WIRE)--
KKR, a leading global investment firm, and Parkway Property Investments, LLC ("Parkway") announced the signing of a long-term lease with Millennium Management (“Millennium”) 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. Millennium plans to staff the office with investment professionals and technology teams. WorldQuant, the global quantitative investment firm, will occupy a section of the Millennium space for its employees.
1111 Brickell in Miami (Photo: Business Wire)
“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.”
“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.”
1111 Brickell is a marquee 524,000-square-foot waterfront office tower overlooking Biscayne Bay. It has been a perennial fixture of the Miami skyline since its construction in 2000 as part of the acclaimed mixed-use project, which includes the adjacent JW Marriot Hotel on Brickell Avenue. 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. The property’s meeting and entertainment spaces, as well as its 26,000-square-foot amenity deck with space for fitness classes, have been transformed to deliver a modern work environment centered on hospitality, community and wellness.
CBRE served as the exclusive agent on the lease agreement.
About KKR
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
About Parkway
Parkway is a privately owned, full-service real estate investment firm led by a team with a strong track record of investing in high-growth markets across the U.S. and across economic cycles. Parkway owns, develops, and manages institutional-quality commercial real estate assets throughout the Sunbelt region. In addition, Parkway identifies and structures acquisitions and provides best-in-class property and asset management, leasing, accounting and construction management services. Parkway currently operates and/or provides accounting services for approximately 24 million square feet of commercial real estate assets located in California, Texas, Georgia, Florida, and Virginia as of June 30, 2021. For more information, please visit www.pky.com.
