NORTHERN TRUST
Miami, Florida
Northern Trust is a highly regarded and international bank and wealth and asset management firm. Steelbridge was engaged to provide consulting services to conduct a strategic planning process for their leasehold interest in their Miami headquarters and operations building at 700 Brickell Avenue in Miami. Following a future capital needs and market analysis, Steelbridge determined that while the leasing market was at the cyclical bottom in terms of rates, Northern Trust’s ownership position in 700 Brickell Avenue was extremely valuable given the surge in new condominium development on Brickell and recommended that the they sell their building and relocate to third party office space. Accordingly, Steelbridge formed a joint venture with property’s the ground lease owner and facilitated the sale of Northern Trust’s headquarters to Swire Properties for top-of-market prices in 2014. At the same time, Steelbridge engineered and negotiated the relocation of Northern Trust’s operations to 600 Brickell and by completing a down cycle, long-term lease for 62,000 sq. ft. of office space, as well as a 2,000 sq. ft. ground floor banking center.