A joint venture between Monarch Alternative Capital and Tourmaline Capital Partners has recently acquired the 801 Brickell office tower for $250 million. The seller, Nuveen, purchased the property in 2002 for $80 million. Completed in 1984, this 28-story building offers a total of 415,000 square feet of space.
The asset boasts a high occupancy rate with long-term leases from top-tier 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 property.
Monarch and Tourmaline have announced plans to renovate the property in order to improve tenant experience and further distinguish it from other properties in its market segment. This strategic move aims to position it for continued success after acquisition.
