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

Rhea-AI Summary

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.

Positive

• 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

Negative

• None.

News Market Reaction

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On the day this news was published, JLL gained 0.75%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

The trophy asset was highly sought after by institutional groups and ultra-high net worth investors

MIAMI, Oct. 8, 2024 /PRNewswire/ -- JLL's Capital Markets group 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.

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 $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY^SM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

Contact: Kristen Murphy, Director, Public Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@jll.com

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SOURCE JLL

FAQ

What was the sale price of 701 Brickell in Miami?

The sale price of 701 Brickell in Miami was $443 million.

Who arranged the sale of 701 Brickell and what is their stock symbol?

JLL (stock symbol: JLL) arranged the sale of 701 Brickell through its Capital Markets group.

How does the 701 Brickell sale rank in Florida's office transaction history?

The 701 Brickell sale represents the second largest office transaction in Florida history.

Who was the seller and buyer in the 701 Brickell transaction?

The seller was Nuveen Real Estate, and the buyer was Morning Calm Management and its partner.

What recent renovation was completed at 701 Brickell?

A $30 million capital renovation plan was recently completed at 701 Brickell.