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Front Page » Top Stories » Barclays Targets Former Lehman Brothers Miami Office For Closure Broker Says

Barclays Targets Former Lehman Brothers Miami Office For Closure Broker Says

www.miamitodaynews.com
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Written by on October 9, 2008

By Yudislaidy Fernandez
Barclays PLC may not be long at the full floor of space it gained at Brickell Avenue’s Mellon Financial Center with the acquisition last month of Lehman Brothers.

Britain-based Barclays won’t say what its plans are for the 24,000-square-foot office lease but the Mellon Financial Center’s leasing agent says the office is on a list of expected closures

Jack Lowell, managing director of Flagler Real Estate Services, leasing company of the Mellon tower, said he is unsure how long the global financial services company could stay. He estimates more than 100 employees work at the office.

Mr. Lowell said he received a copy of preliminary office leases Barclays wants to cancel that lists the offices at Mellon Financial Center, 1111 Brickell Ave.

The office lease Lehman Brothers occupied is active until 2011, he said.

"We are trying to reach appropriate people to find out what their plans are," he said. But as of yet, he has not received official notification canceling the lease.

New York-based Lehman Brothers was bought by Barclays for $1.75 billion last month.

The Mellon Financial Center was called Barclays Financial Center until the bank relocated some of its employees to New York, keeping only the 28th floor, which it has subleased, Mr. Lowell said.

Mellon United National Bank assumed Barclay’s lease on the 29th and 30th floors, he added.

Calls to Barclays’ London headquarters and its Miami offices were not returned.

Mr. Lowell said if Barclays were to abandon its lease, he could probably lease it out quickly as the tower is 99% leased and he could lease at $46 per square foot.

Barclays’ departure would free up about 5% of the tower’s leasable space. Mr. Lowell said.