Real Estate News

One wealth manager wants out of Brickell traffic. So where is it moving?

Employees at Bolton Global Capital weren’t happy about being in the heart of Brickell. Traffic took its toll
Employees at Bolton Global Capital weren’t happy about being in the heart of Brickell. Traffic took its toll

Employees at Bolton Global Capital are fed up with traffic in the heart of Brickell. So they’re moving — six blocks down the avenue.

The wealth management firm with $8.5 billion in client assets beat out five other potential tenants for office space in Florida’s second tallest tower, according to the broker.

Bolton Global Capital, based out of Bolton, Massachusetts, has secured a consolidated 21,000 square feet at the Four Seasons Tower at 1441 Brickell Ave. Avision Young Principal Wayne Schuchts and broker Bobby Benton negotiated the long-term lease on behalf of the landlord and owner, a subdivision of Westbrook Partners. The deal bumped the occupancy rate in the 70-story building to 96%, they said.

For Bolton Global, the Four Seasons delivered breathing space with room to grow in a consolidated space. The company’s Miami office, which opened in 2011, has been adding five to 10 employees per year over the past five years.

“Over the past decade, a large number of high-quality wealth management teams have left the major banks because of increasing difficulties in servicing international clients at these institutions,” said Ray Grenier, CEO of Bolton Global Capital, via email. “Bolton has positioned itself as the premier independent firm in the international wealth management space and has been able to capture many of these top teams through a combination of improved compensation, superior service and state-of-the-art technologies.”

And critically, the move takes the company out of the snarl surrounding its current quarters at 801 Brickell.

“At our current address, the traffic can be stifling, especially during rush hour,” wrote Grenier. “We have found that the traffic becomes less congested as you move south along Brickell, and it frees up significantly around our new office at The Four Seasons Tower. Our new location also allows easier access to I-95 via exit 1A.”

Lease terms were not disclosed, but Class A space in the Brickell area averages $55.36 per square foot, according to the 2019 Jones Lang LaSalle third quarter Office Insight report. Class B office space is leasing for an average $40.11 per square foot.

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Rebecca San Juan writes about the real estate industry, covering news about industrial, commercial, office projects, construction contracts and the intersection of real estate and law for industry professionals. She studied at Mount Holyoke College and is proud to be reporting on her hometown.
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