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July 8, 2003
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CONTACT:
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Bill Ross – Espirito Santo Plaza
305.371.3500
Barry Frank
(Weil, Gotshal & Manges)
305.577.3210
Sean Brickell
800.333.6397
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FOR IMMEDIATE RELEASE:
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MIAMI – Weil, Gotshal & Manges LLP has signed a ten-year lease in Espirito Santo Plaza. The announcement was made jointly by Barry Frank, a partner of the law firm, and Bill Ross, president of Estoril, Inc., developer of the building.
William Holly, president of Holly Real Estate, handled the negotiations as exclusive leasing agent. Financial terms were not disclosed.
Weil Gotshal is one of Miami’s oldest international law firms, which has operated in South Florida since 1981.
“The lease encompasses 29,000 square feet, located on floors 11 and 12,” said Ross, “and the firm will occupy the building on February 1, 2004. As a tenant, Weil Gotshal exemplifies the definitive professional environment we anticipate establishing in South Florida’s business climate.
“The building’s owners are investing more than $180 million in Miami’s financial district,” he added, “to provide an unsurpassed physical statement of international commerce and trade.
“A world-class building attracts world-class tenants,” Ross added. “Weil Gotshal certainly demonstrates that.”
“Weil Gotshal is one of the most respected law firms in the world,” said Holly, “serving blue-chip clients across a full range of legal matters. This obviously is an extremely prestigious tenant for Espirito Santo Plaza.
“Leasing went smoothly throughout the negotiations. They approached the process just as they are known to prepare for their clients. They knew exactly what outcome they expected and established the parameters from the start.”
Frank agreed: “The decision to relocate our Miami office and its 65 employees to Espirito Santo Plaza was made easier by several factors.
“First, the design of the building is superlative. It makes a commanding statement both inside and outside. It provides a superb first impression for any business.
“In addition, the building’s central, prime address is in the heart of Miami’s international financial district
“Finally, negotiations with representatives of Espirito Santo Plaza considered our current and future needs as tenants.”
Espirito Santo Plaza is 36 stories tall, with 1.2 million square feet located on a full city block at 1395 Brickell Avenue. The building’s innovative architectural design is by the international firm of Kohn Pederson Fox.
Class-A office space will occupy 260,000 square feet of the building, with 225,000 square feet featuring a 203-room First-Class hotel, offering suite management service for the 116 condominium residences. The building also will offer restaurant and retail space.
Total signed leased space in the building is more than 100,000 square feet, including 70,000 for Espirito Santo Bank, which will occupy on December 1, 2003.
Another 50,000 square feet of office space in Espirito Santo Plaza is in “serious negotiation” according to Holly, “but specific companies cannot be identified during this stage of the process.”
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