JLL arranges $443M sale of 701 Brickell, second largest office sale in Florida history

MIAMI, Oct. 8, 2024 - JLL Capital Markets announced today that it arranged the $443 million sale of 701 Brickell, a trophy Class AA office building totalling 685,279 square feet in the heart of Miami's financial district. Brickell is currently the top performing office market in the United States in terms of occupancy and rent growth. 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 MSF 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, firmly positioning 701 Brickell as the preferred home for industry leading global and national companies and law firms.

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. 701 Brickell has stood out in the national market as a direct beneficiary of the flight-to-quality following the pandemic shifts of financial and law firms establishing offices in Miami in the highest quality office buildings and locations.

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.

The team confirmed significant interest from top-tier institutional and ultra-high net worth investors for the asset.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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