Miami Landlord Sues New Tenant for $20M in Unpaid Rent
In today’s business world, many things are virtual. But as one company recently found out, the business lease isn’t one of them.
A Brick & Timber affiliate landlord is seeking more than $20 million in damages, including unpaid rent, against its tenant, Amyris, according to a lawsuit filed last month in Miami-Dade County Circuit Court. Amyris, a biotechnology company headquartered in Emeryville, California, allegedly abandoned a lease to occupy the entire three-story building at 2724 and 2734 Northwest First Avenue owned by San Francisco-based Brick & Timber, the complaint states.
In the latest tech tenant withdrawal, Amyris breached its obligations outlined in the lease, Brick & Timber partner Jesse Feldman told news sources.
“We were looking forward to Amyris’ utilization of one of the most special buildings in our portfolio,” Feldman said. “Unfortunately, after signing their lease, Amyris made little to no progress toward opening this location.”
Amyris, which specializes in beauty and cosmetic products, signed a 10-year lease that commenced in May of last year for roughly $133,000 a month, the lawsuit states. Amyris did not build out the interiors and did not maintain the building as required by the lease agreement, the lawsuit alleges. Brick & Timber, which is co-led by partner Glenn Gilmore, sent default notices to Amyris in December and February that went unanswered, the complaint states.
Amyris is undergoing significant change since the company’s former CEO, John Melo, signed the lease, Feldman said. On June 26, Melo resigned from his job after the publicly traded company announced it was seeking to cut $250 million in costs by reducing operating expenses and streamlining its business portfolio, an Amyris press release states.
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