Wealth management firm leases additional floor in 830 Brickell

A Canadian wealth management company secured additional space for its U.S. headquarters in the 830 Brickell building.

Corient, a subsidiary of Toronto-based CI Financial Corp. (TSX: CIX), aims to move into three floors of the trophy Class A office tower next year, perhaps as early as April, once construction at 830 Brickell is finally completed, said Donna Abood, principal and managing director of Avison Young's Miami office.

Formerly known as CI Private Wealth, Corient secured 18,458 square feet on the 42nd floor late last year. The financial services firm had already secured space on the 48th and 49th floors in 2022. This gives Corient slightly more than 56,000 square feet of office, Abood said.

Donna Abood, Joe Abood, Mark Robbins, and Peyton Dawn represented Corient in the lease negotiations.

Corient opted to lease additional space because of the "tremendous growth happening around the U.S.," Donna Abood said. "They're bringing in high paying jobs. It has just been phenomenal."

A spokeswoman for Corient confirmed Corient secured a third floor in 830 Brickell, adding the firm will have "more news in the future."

In August, CI Private Wealth rebranded itself as Corient. The company provides wealth management services for high-net-worth clients in the U.S. Its headquarters is currently in One Biscayne Tower at 2 S. Biscayne Blvd.

Its parent company, CI Financial Corp. is a global asset and wealth management company with $30.11 billion in assets as of June.

Standing at 724 feet, 830 Brickell is being built by London-based Cain International and developer Vladislav Doronin's OKO Group at 830 Brickell Plaza in Miami's Brickell Financial District. Its long awaited completion will take place in the fourth quarter of 2023, a report from CommercialEdge stated. At 638,355 square feet, 830 Brickell is also the most massive office building set for delivery this year, CommercialEdge added.

The Class A tower has attracted several big name companies such as Microsoft, Thoma Bravo, Rothschild & Co., and Santander Bank. Billionaire Ken Griffin's Citadel secured six floors, or about 93,000 square feet, in 830 Brickell. Also securing space were high powered Chicago-based law firms Winston & Strawn, Baker Mcenzie, and Kirkland & Ellis.

Although nearly completely leased, there has been at least one space adjustment in 830 Brickell. Kirkland & Ellis, which inked a lease for 115,000 square feet, reportedly opted to sublease about 27,500 square feet of that space last summer.

South Florida's office market has boomed since the pandemic as more high-income households move into the region from other parts of the U.S. Among those opening offices in the region are financial service companies. And while office leasing activity is slower than in 2022, the sector is still receiving more new-to-market companies than before COVID-19. That trend has also encouraged office developers to continue building new Class A office buildings in South Florida.

This article has been sourced from the South Florida Business Journal.