JLL’s Capital Markets Group has arranged the $443 million sale of 701 Brickell, a trophy Class AA office building totaling 685,279 square feet in the heart of Miami’s financial district. This sale was structured as an all-cash transaction for the seller. 701 Brickell represents the second largest office transaction in Florida history, just behind the $540 million sale of the 1.2 million-square-foot Southeast Financial Center arranged by JLL in 2016.
JLL represented the seller, Nuveen Real Estate, and procured the buyer, Morning Calm Management and its partner. The sale effort for Nuveen was led by Charles Russo, senior director and asset management lead for East Region Workplace, who led a recent $30 million capital renovation plan.
Brickell is currently the top performing office market in the United States in terms of occupancy and rent growth, JLL said. Nuveen Real Estate, formerly TIAA Real Estate, acquired 701 Brickell in 2002. Throughout the entire period of Nuveen’s ownership, 701 Brickell has been the top performing Class AA office building in Miami in terms of maintaining high occupancy, consistent rent growth and long-term retention of prestigious tenants, including Bank of America and Holland & Knight.
The JLL Capital Markets team representing the seller was led by Manny de Zarraga, Matt McCormack, Ike Ojala and Hermen Rodriguez, all based in Miami. The team was supported at a national level by Mike McDonald.
