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Miami’s 801 Brickell Sells for $250M
A joint venture made up of Monarch Alternative Capital and Tourmaline Capital Partners has acquired the 801 Brickell office tower for $250 million. Nuveen, the seller, paid $80 million for the property in 2002. The 28-story building was completed in 1984 and has 415,000 square feet of space.
The asset is fully stabilized on long-term leases for many blue-chip tenants, including the U.S. Securities and Exchange Commission, Mastercard, and Royal Bank of Canada. The base of the property is also home to Miami restaurant, Komodo. The occupancy rate at 801 Brickell is 90%.
As part of the acquisition, Monarch and Tourmaline say they plan a renovation of the property to enhance the tenant experience, to further differentiate the property and position it for continued success.
- ◦Sale/Acquisition
