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
WAYSM. 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