Aimco is working to maximize future development rights on property it owns in Brickell by limiting leases in an office building on the site, according to a quarterly report.
The company is the sole owner of the 1001 Brickell Bay Drive office building and the adjacent Yacht Club Apartments, according to a November company presentation.
The assemblage size is 4.25 acres, the presentation said.
The office building at 1001 Brickell Bay Drive is experiencing strong leasing momentum, the company’s November quarterly report said.
From the beginning of 2022 to September, Aimco executed leases on over 76,000 square feet of office space, at rates per square foot 15% higher than leases executed in the same period of 2021.
At the end of the third quarter 2022, the building was 84% occupied, up from 73% at the same time last year, the company said.
Leases within the building have been executed on terms of less than four years or contain redevelopment provisions as needed to maximize the value of the underlying development rights, the report added.