JLL’s Capital Markets group announced today that they have successfully arranged the sale of 701 Brickell, a prestigious Class AA office building located in Miami’s financial district. The buyer, Morning Calm Management, purchased the property for $443 million from Nuveen Real Estate.
According to JLL, Brickell is currently the top-performing office market in the United States with high occupancy rates and rent growth. This transaction also marks one of Florida’s largest office sales in history at second place behind JLL’s own record-breaking sale of Southeast Financial Center for $540 million in 2016.
The impressive 33-story building was built on a spacious 3.83-acre site back in 1986 and was last sold for $172 million in 2002 before being acquired by Nuveen Real Estate. After investing an additional $30 million into capital improvements, Nuveen has now sold off their asset with Charles Russo leading the sales effort.
Representing the seller were Manny de Zarraga, Matt McCormack , Ike Ojala , and Hermen Rodriguez from JLL Capital Markets team who played key roles throughout this successful transaction.
