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Big 4 Ad Agency Ditching Brickell For Coworking Space In Coral Gables

Global media and advertising conglomerate WPP has left Miami's financial district behind, downsizing by more than two-thirds to new digs in Coral Gables.

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Brickell City Centre at 501 and 601 Brickell Key Drive.

London-based WPP has vacated its 73K SF office space at Brickell Key Centre II and taken 25K SF with WeWork in Coral Gables.

WPP subsidiary Hogarth Worldwide moved to the two-building complex on Brickell Key in 2019 when the property was called Courvoisier Centre. It moved out on Dec. 1, CBRE Senior Vice President Cameron Tallon, one of the brokers in charge of leasing for the Brickell Key Centre, wrote to Bisnow in an email.

Brickell Key Centre I and II, totaling 391K SF, underwent a $50M renovation that was completed over the summer.

“[WPP's] corporate team was focused on downsizing and only committing to a short-term deal to maintain future flexibility, which unfortunately did not align with Landlord’s objectives after such a major investment into the building,” Tallon said.

The renovations for the seven-story Brickell Key Centre I and 12-story Brickell Key Centre II included replacing the building's previous concrete exterior with an all-glass exterior, adding private terraces, a lobby connecting both buildings, a fitness center, a conference center and on-site retail, including Texas-based restaurant The Mexican, which is set to open in the summer.

A WPP spokesperson confirmed its move, citing the company's ongoing efforts to evaluate its real estate portfolio, including the size of its offices.

“This move reflects a commitment to providing modern, flexible workspaces that foster innovation and collaboration,” the spokesperson said in a statement. “The new location offers a dynamic environment conducive to the evolving ways our teams work.”

The Brickell Key Centre complex, at 501 and 601 Brickell Key Drive, is owned by Spanish billionaire Fernando Masaveu's Corporación Masaveu, according to Miami-Dade property records. Corporación Masaveu did not respond to Bisnow’s request for comment.

The CBRE team of Tallon, Eric Groffman and Randy Carballo has completed more than 160K SF of new deals and renewals over the past year at the complex, half of which has come from new tenants, with rents averaging more than $100 per SF, Tallon said.

New corporate residents of the complex include Spanish bank BBVA and renewable energy company Enfinity Global. There is approximately 60K SF still available, Tallon said. 

“The common theme of our new tenants are high-net worth and those looking for impressive client facing space,” Tallon wrote. “These tenants wanted a super luxury, high-end building with the best water views in the market.”

WPP is not alone among companies that have moved out of Miami's high-cost submarkets, according to JLL's fourth-quarter Miami office report, which first revealed WPP's relocation. The report also highlighted law firm Podhurst Orseck's move out of downtown Miami to 2525 Ponce de Leon Blvd. in Coral Gables.

Asking rents for Class-A office space in Brickell averaged $101.76 per SF at the end of Q4, according to CBRE, up by 5.7% year-over-year.

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