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Sidley Austin is the latest out-of-town firm joining the wave headed to South Florida.
The international law giant inked a 60K SF lease at the favored 830 Brickell tower in Miami’s Financial Business District.
This is the company’s first expansion out of its native Chicago and, according to a statement from 830 Brickell's developers Wednesday, the largest new-to-market office lease signed in the city’s urban core this year.
830 Brickell is now nearly 70% leased and has drawn in professional services, tech and financial firms looking to expand in Miami, OKO Group CEO Vlad Doronin and Cain International CEO Jonathan Goldstein said in a statement.
OKO Group and Cain International, the project’s developers, added that “Brickell has acted as a bellwether in the South Florida office market, and we anticipate increased demand in 830 as Miami grows into a global hub for talent, lifestyle and innovation.”
Making the transition south has been a “vigorous recruitment” task for Sidley Austin, which reportedly has poached and hired 40 top attorneys right before debuting the new Class-A office digs in Miami.
“This move into South Florida is a natural next step to continue serving our global clients, many of whom have moved their operations to Florida or are expanding to the region,” Yvette Ostolaza, Sidley’s Management Committee chair and a Miami native, said in a written statement. “We are also growing our talent pool to meet our clients’ needs by recruiting local teams who fit the Sidley platform. ... We also have Sidley lawyers who have been in Miami during the pandemic and are planning to make Miami their permanent home.”
The law firm said it is taking “swing space” at 1001 Brickell Bay Drive before permanently moving into 830 Brickell in 2023.
The Chicago-based law firm is the latest company to flock to South Florida, particularly Miami, as part of a migration trend propelled by tight business restrictions around the coronavirus in the Northeastern part of the country.
Overwhelming demand has driven the Miami office market vacancy rate to its lowest level in eight quarters while pushing rents up to eye-watering rates — office rents are up 42% in Brickell year-over-year.
830 Brickell, the newest office building in the area, has been a key beneficiary. Microsoft Corp. and Thoma Bravo have also recently announced leases in the property.
Additional renowned law firms migrating to Miami’s CBD from Chicago include Kirkland & Ellis and Winston & Strawn. Atlanta-based King & Spalding and Quinn Emanuel Urquhart & Sullivan have also relocated to South Florida.
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