Monarch Alternative Capital and Tourmaline Capital Partners have recently acquired the 801 Brickell office tower for $250 million. The property, which was originally purchased by Nuveen in 2002 for $80 million, is a fully stabilized asset with long-term leases held by reputable tenants such as the U.S. Securities and Exchange Commission, Mastercard, and Royal Bank of Canada. Additionally, popular Miami restaurant Komodo is located on the ground floor of the building.
The joint venture plans to renovate the property in order to enhance tenant experience and further distinguish it from other properties in its market. With an impressive occupancy rate of 90%, this acquisition positions Monarch Alternative Capital and Tourmaline Capital Partners for continued success at 801 Brickell.
