Foley & Lardner Relocates Miami Office to Southeast Financial Center

Foley & Lardner is leaving One Biscayne Tower after 18 years for Southeast Financial Center at 200 South Biscayne Boulevard, Suite 2100, the firm announced, consolidating its Miami office into one of downtown’s trophy towers and leaving space to backfill at the older building it is exiting.

Why it matters

This is an office-leasing story before it is a law firm story. Foley’s move consolidates a marquee professional-services tenant into Southeast Financial Center, a 1.2 million-square-foot, 55-story tower, while vacating floor space at One Biscayne Tower, the 692,000-square-foot, 38-story building CP Group has owned since 2021. For developers and owners tracking downtown Miami’s office market, the move is another data point in the flight-to-quality pattern reshaping the submarket: tenants with the budget to trade up are consolidating into a handful of premier addresses, and older Class A towers are competing on backfill leasing instead of retention. CP Group has leaned into that competition, landing FC Barcelona’s North America headquarters this year as part of nearly 50,000 square feet of new leasing at One Biscayne Tower, evidence the building can absorb Foley’s exit. Track more downtown leasing on our Miami market hub.

The numbers

Southeast Financial Center totals roughly 1.2 million square feet across 55 stories, per the building’s own leasing materials, and is owned by Pontegadea, the family office of Zara founder Amancio Ortega, which paid $516.6 million for the tower in December 2016. Hines developed the property in the 1980s but no longer owns it. One Biscayne Tower totals 692,000 square feet across 38 floors, per CP Group’s own project page. A CoStar headline reading “Foley & Lardner Renew, Expand at One Biscayne Tower” describes a 25,480-square-foot renewal and an 11,051-square-foot expansion from 2012, not a contradiction of this year’s relocation. Downtown Miami Class A asking rents have climbed to roughly $67 to $79 a square foot, among the highest outside New York, as trophy-tower availability tightens.

What’s next

Watch what CP Group does with the Foley space at One Biscayne Tower. The firm has been actively re-leasing the building this year and is likely to market the vacancy alongside its other available floors. Also watch whether other Miami law firms follow Foley into Southeast Financial Center or the city’s newer supertall office stock, deepening the split between trophy and secondary Class A product downtown.