JLL arranges $443M sale of 701 Brickell, second largest office sale in Florida history
JLL's Capital Markets group has announced the $443 million sale of 701 Brickell, a trophy Class AA office building in Miami's financial district. This transaction represents the second largest office sale in Florida history. The 685,279 square foot building was sold by Nuveen Real Estate to Morning Calm Management and its partner in an all-cash deal.
701 Brickell has been the top performing Class AA office building in Miami, maintaining high occupancy, consistent rent growth, and long-term retention of prestigious tenants. The building recently underwent a $30 million capital renovation, positioning it as a preferred location for leading global companies and law firms.
The sale attracted significant interest from top-tier institutional and ultra-high net worth investors, reflecting the strong performance of the Brickell office market, currently the top performing office market in the United States in terms of occupancy and rent growth.
Il gruppo Capital Markets di JLL ha annunciato la vendita di 443 milioni di dollari di 701 Brickell, un prestigioso edificio per uffici di Classe AA nel distretto finanziario di Miami. Questa transazione rappresenta la seconda vendita di uffici più grande nella storia della Florida. L'edificio di 685.279 piedi quadrati è stato venduto da Nuveen Real Estate a Morning Calm Management e al suo partner in un accordo all-cash.
701 Brickell è stato l'edificio per uffici di Classe AA con le migliori performance a Miami, mantenendo un'alta occupazione, una crescita costante degli affitti e un lungo termine di retention di inquilini prestigiosi. L'edificio ha recentemente subito una ristrutturazione di capitale di 30 milioni di dollari, posizionandolo come una location privilegiata per importanti aziende globali e studi legali.
La vendita ha attirato un notevole interesse da parte di investitori istituzionali di alto livello e di ultra-immobiliaristi, riflettendo la forte performance del mercato degli uffici di Brickell, attualmente il mercato degli uffici con le migliori performance negli Stati Uniti in termini di occupazione e crescita degli affitti.
El grupo de Mercados de Capital de JLL ha anunciado la venta de 443 millones de dólares de 701 Brickell, un edificio de oficinas de Clase AA en el distrito financiero de Miami. Esta transacción representa la segunda venta de oficinas más grande de la historia de Florida. El edificio de 685,279 pies cuadrados fue vendido por Nuveen Real Estate a Morning Calm Management y su socio en un acuerdo totalmente en efectivo.
701 Brickell ha sido el edificio de oficinas de Clase AA con mejor rendimiento en Miami, manteniendo una alta ocupación, un crecimiento constante de los alquileres y una retención a largo plazo de inquilinos prestigiosos. Recientemente, el edificio se sometió a una renovación de capital de 30 millones de dólares, posicionándose como un lugar preferido para importantes empresas globales y bufetes de abogados.
La venta atrajo un interés significativo de inversores institucionales de primer nivel y de ultra-alta riqueza, lo que refleja el sólido desempeño del mercado de oficinas de Brickell, actualmente el mercado de oficinas con mejor desempeño en los Estados Unidos en términos de ocupación y crecimiento de alquileres.
JLL의 자본 시장 그룹은 마이애미 금융 지구에 있는 701 브리켈의 4억 4,300만 달러 판매를 발표했습니다. 이 거래는 플로리다 역사상 두 번째로 큰 사무실 판매를 나타냅니다. 685,279 평방 피트의 건물은 Nuveen Real Estate가 Morning Calm Management와 그 파트너에게 전액 현금 거래로 판매되었습니다.
701 브리켈은 마이애미에서 가장 성과가 뛰어난 클래스 AA 사무실 건물로, 높은 점유율, 일관된 임대료 성장, 그리고 저명한 임차인의 장기 유지 관리가 이루어졌습니다. 이 건물은 최근에 3천만 달러의 자본 재개발을 underwent하여 주요 글로벌 기업 및 로펌을 위한 선호 장소로 자리잡았습니다.
이 판매는 최고의 기관 투자자와 초고자산가 투자자들의 상당한 관심을 끌었으며, 현재 미국에서 성과가 가장 좋은 사무실 시장인 브리켈 사무실 시장의 강력한 성과를 반영합니다.
Le groupe des Marchés de Capitaux de JLL a annoncé la vente de 443 millions de dollars de 701 Brickell, un bâtiment de bureaux de classe AA dans le quartier financier de Miami. Cette transaction représente la deuxième plus grande vente de bureaux dans l'histoire de la Floride. Le bâtiment de 685 279 pieds carrés a été vendu par Nuveen Real Estate à Morning Calm Management et son partenaire dans un accord entièrement en espèces.
701 Brickell a été le bâtiment de bureaux de classe AA le plus performant à Miami, maintenant une haute occupation, une croissance régulière des loyers et une fidélisation à long terme de locataires prestigieux. Le bâtiment a récemment subi une rénovation de capital de 30 millions de dollars, le positionnant comme un lieu privilégié pour les grandes entreprises mondiales et les cabinets d'avocats.
La vente a suscité un intérêt significatif de la part d'investisseurs institutionnels de premier plan et de très riches investisseurs, reflétant la forte performance du marché des bureaux de Brickell, actuellement le marché de bureaux le plus performant aux États-Unis en termes d'occupation et de croissance des loyers.
Die Capital Markets-Gruppe von JLL hat den Verkauf von 443 Millionen Dollar für 701 Brickell, ein prestigeträchtiges Bürogebäude der Klasse AA im Finanzdistrikt von Miami, angekündigt. Diese Transaktion stellt den zweitgrößten Bürosverkauf in der Geschichte Floridas dar. Das 685.279 Quadratfuß große Gebäude wurde von Nuveen Real Estate an Morning Calm Management und dessen Partner in einem reinen Bargeschäft verkauft.
701 Brickell war das beste Bürogebäude der Klasse AA in Miami, das eine hohe Auslastung, konstantes Mietwachstum und die langfristige Bindung namhafter Mieter aufrechterhält. Das Gebäude hat kürzlich eine 30-Millionen-Dollar-Kapitalrenovierung durchlaufen, die es als bevorzugten Standort für führende globale Unternehmen und Anwaltskanzleien positioniert.
Der Verkauf zog signifikantes Interesse von hochrangigen institutionellen und ultra-hochvermögenden Investoren an, was die starke Leistung des Büromarktes in Brickell widerspiegelt, der derzeit der leistungsstärkste Büromarkt in den Vereinigten Staaten hinsichtlich Auslastung und Mietwachstum ist.
- Second largest office transaction in Florida history at $443 million
- Top performing Class AA office building in Miami with high occupancy and consistent rent growth
- Recent $30 million capital renovation enhancing the building's appeal
- Strong interest from institutional and ultra-high net worth investors
- Located in Brickell, the top performing office market in the US for occupancy and rent growth
- None.
Insights
The
Key factors contributing to 701 Brickell's attractiveness include:
- Its location in Brickell, currently the top-performing U.S. office market for occupancy and rent growth
- A recent
$30 million capital renovation, enhancing its appeal to high-profile tenants - Consistent high occupancy and rent growth throughout Nuveen's ownership since 2002
- Beneficiary of the post-pandemic "flight-to-quality" trend among financial and law firms
This transaction reflects the ongoing strength of Miami's commercial real estate market, particularly for Class AA office buildings. It also demonstrates JLL's significant role in facilitating major deals in the region, which could positively impact the company's reputation and future business prospects in the commercial real estate sector.
This transaction is a strong positive indicator for JLL's financial performance. As one of the largest deals in Florida's history, it likely represents a substantial commission for JLL's Capital Markets group. The sale price of
Key financial implications for JLL include:
- Immediate revenue boost in Q4 2024
- Enhanced reputation in handling large-scale transactions, potentially leading to more high-value deals
- Strengthened position in the Miami market, which is showing robust growth
- Demonstration of cross-functional capabilities, from asset management to capital markets
The transaction also highlights JLL's ability to leverage its global network and local market expertise, which is important for attracting international capital. This deal could serve as a catalyst for increased investor interest in JLL's services, potentially driving future revenue growth and market share expansion in the commercial real estate services sector.
The trophy asset was highly sought after by institutional groups and ultra-high net worth investors
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
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
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.
For more news, videos and research resources, please visit JLL's newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of
Contact: Kristen Murphy, Director, Public Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@jll.com
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SOURCE JLL
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