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M2M Deal Story - CREW-Miami May 2016

May 2016

 

Member-to-Member Deal Story: CREW-Miami


By Marti Mang, CREW-Miami




When Eastern National Bank lost its lease to make way for the Brickell City Centre project, a $1.05 billion mixed-use development in the heart of Miami’s financial district, they turned to Richard (“Rick”)  Zelman, their legal counsel and a CREW-Miami member, for help. Zelman assisted in negotiating a lease with a building owner in Dadeland for space that was listed with fellow CREW-Miami member Donna Abood, the Principal Managing Director for Miami of Avison Young, and Ericka Witkowski, a Leasing Consultant with Avison Young. The lease value was nearly $10 million and resulted in fees to the participants in excess of $250,000. The tenants took occupancy on May 13, 2016.

CREW Miami M2M deal group May 2016

The negotiations between the parties included such items as exterior signage, parking requirements, tenant improvement allowances, Miami-Dade County approvals and general lease structure and terms. There were several major obstacles to the deal where the bank and building owners seemed to be at an impasse and it appeared that the discussions might terminate. However, Zelman and Abood worked with both clients to build communication and trust between the parties, often working all hours of the night on ways to bridge the differences.  

It was their common ground as CREW-Miami members and experience with past deals they had done together that kept the negotiations going and finally resulted in the lease being signed.

CREW-Miami members involved in the deal:

  • Donna M. Abood, Principal Managing Director- Miami, Avison Young
  • Richard Marshall Zelman, Esq. – Sacher, Zelman, Hartman, Paul, Beiley & Rolnick
  • Ericka Kim Witkowski, Office Leasing Consultant, Avison Young

Abood has been a member of CREW-Miami since 1997, been named a Woman of Influence by Real Estate Forum, and won numerous other industry awards.

Zelman chaired the CREW-Miami New Member Reception Committee in 2015.

Witkowski was inspired by this transaction to join CREW-Miami.


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