Related Group, which purchased the 11-story 444 Brickell office building with GTIS Partners last year for $104 million, is now offering leases for up to 7 years in the building.
Related is stuck with leases signed by the previous owners, including one with ground floor tenant Capital Grille. The lease with Capital Grille offers five-year renewal options in 2016 and 2021, but the fact that Related is only offering seven year leases could indicate that Capital Grille agreed not to exercise the option for 2021-2026.
One Brickell, designed by Cesar Pelli, will be built on the site in three phases. The first phase could start well before 2021, on the neighboring property at 77 SE 5th Street, where a United States Citizenship and Immigration Services asylum office is located. Related had reportedly been in talks to move those offices into the 444 Brickell building.