Newmark Managing Director Shay Pope and Managing Principal Patrick Duffy have represented Banco Bilbao Vizcaya Argentaria (“BBVA”) in an office lease renewal at One Biscayne Tower in downtown Miami.
Under the terms of the transaction, the private banking operation of the Spain-based bank, which has some 7,500 offices in more than 30 countries, will occupy 29,000 square feet in the 38-story, 619,684-square-foot tower.
BBVA previously leased approximately 34,000 square feet in the building, according to Pope. By working with the bank to reduce its space usage and bring it in line with current and projected needs, he and Duffy were able to eliminate a substantial amount of operating expenses, “and secure a favorable rent structure for BBVA for the next ten years.”
Brian Gale of Taylor & Mathis Inc. represented the ownership, L&B Biscayne Tower Group Trust, in this transaction.
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