In major lease, Lydecker Diaz law firm expands in new home at 1221 Brickell
By Yudislaidy Fernandez
While some law firms were cutting back or shutting down in recent years due to the recession, business law firm Lydecker Diaz has been growing, enough that it is relocating and expanding.
The law firm is moving from 1201 Brickell Ave. to 1221 Brickell Ave., where it's taking 23,000 square feet of offices previously occupied by law firm Greenberg Traurig.
With this transaction, one of the largest signed in Miami's urban core so far this year, Lydecker Diaz is absorbing an additional 5,000 square feet for its Miami headquarters.
The business litigation firm, led by Founding Partner Richard Lydecker, was established nine years ago. Manny Diaz, Miami's former mayor, is a senior partner at the firm.
In recent years, the law firm has grown from 40 to 60 attorneys.
"We have grown very quickly over the past six to seven years and we wanted to continue to serve clients on Brickell Avenue and the corporate world in litigation and transactional work," Mr. Lydecker said.
Staying in Miami's Brickell Financial District was important, he said, because the firm wants to be where the businesses are.
It also serves clients around the US, particularly from the Northeast, he added, where Brickell Avenue is "more recognized as a business hub than Coral Gables and other areas."
With more than 60 lawyers, Lydecker Diaz specializes in the areas of commercial and financial litigation, intellectual property, labor and employment, appeals, and corporate and business transactions. It serves clients throughout Florida, with offices in Miami, Orlando, West Palm Beach and Bonita Springs.
The main factors that have propelled the firm's growth are winning cases, providing around-the-clock client service and competitive rates, Mr. Lydecker said.
"We were giving out more competitive pricing, while increasing services and winning many of our cases," he said. "That allowed us to grow during the recession and continue to grow."
Today, as the firm prepares to relocate to its new home, it looks to hire another 10 attorneys in the next six to 12 months.
In this office deal, Ryan Grindler, Terranova Corp.'s director of acquisitions, represented the tenant. Scott Strickland of Jones Lang LaSalle represented Equity Office Properties Trust and UK-based PRUPIM, the tower's owners.
"He [Mr. Grindler] did a great job every step of the way to make sure he got us the best deal," Mr. Lydecker said.
The law firm is to relocate to the entire 19th floor and a third of the space on the 18th floor at 1221 Brickell Ave. this August.
Lydecker Diaz is taking over two of the eight floors vacated by Greenberg Traurig, making it the first tenant to lease a portion of the space the international law firm left behind, said Mr. Strickland, Jones Lang's senior vice president.
Mr. Strickland, along with Grant Killingsworth, handles leasing at the 407,000-square-foot office building.
Greenberg Traurig moved to new office tower Wells Fargo Center in downtown Miami.
"We offered them [the firm] a valuable upgrade to get into a class-A building," Mr. Strickland said. "They are a growing firm and growth was a concern and we were flexible."
With this new lease and others executed in recent months, he said, the 26-story office building is about 50% leased.
Other tenants now calling the Brickell office tower home include Manhattan Life Insurance with 2,500 square feet, accounting firm Kane & Co. leasing 4,200 square feet and engineering firm Kimley-Horn and Associates with 7,400 square feet.
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