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- JLL Arranges $443M Sale of 701 Brickell in Miami's Financial District
JLL Arranges $443M Sale of 701 Brickell in Miami's Financial District
Slice of Real Estate Team
October 17, 2024
Key Highlights:
JLL arranged the $443 million sale of 701 Brickell, Miami.
701 Brickell is a Class AA office building spanning 685,279 square feet.
The sale represents the second-largest office transaction in Florida's history.
Nuveen Real Estate was the seller, and Morning Calm Management was the buyer.
Significant interest from top-tier institutional and ultra-high net worth investors was confirmed.
Source: PR Newswire
Notable Quote:
"701 Brickell's recent $30 million renovation positioned it as the premier choice for global and national firms seeking top-tier office space in Miami."
Our Take:
This sale is a significant milestone in the Miami real estate market, showcasing the city's growing prominence as a top destination for financial and law firms. The deal underscores how strategic renovations and a flight-to-quality trend are driving the success of premier assets like 701 Brickell. JLL’s ability to secure significant interest from high-profile investors highlights the strong demand for well-positioned office properties, especially in markets with robust occupancy and rent growth like Brickell. As Miami's commercial market continues to thrive, it's clear that the demand for Class AA office spaces remains strong, ensuring long-term value for both investors and tenants.