The developers of 830 Brickell have secured a total of $565 million in financing for the upcoming completion and delivery of the building this autumn. The funding, provided by TYKO Capital (TYKO), will be used to pay off the existing construction loan that was initially granted by MSD Partners in 2019.
This impressive 57-story tower, which is being developed by OKO Group and Cain International, marks a significant milestone as it is the first standalone Class A+ office building to be constructed in Miami’s Brickell Financial District in over ten years. With all units already leased out, occupancy permits are currently being issued gradually while tenants complete their individual build-outs. Delivery is expected to take place later this year. Beatriz Azcuy from Sidley Austin LLP represented ownership during negotiations with TYKO.
At its launch date, office space at 830 Brickell was priced between $60 and $70 per square foot. However, final lease agreements were ultimately signed at prices exceeding $150 per square foot – significantly higher than other properties within the same submarket which typically range around $100 per square foot.
Designed by renowned architecture firm Adrian Smith + Gordon Gill Architecture (AS+GG), there’s no doubt that once completed; this state-of-the-art development will become an iconic addition to Miami’s skyline.
