Investment management firm Nuveen Real Estate recently disposed of its iconic high-rise property at 701 Brickell Ave. in Miami. The tower changed hands in a transaction that reportedly marked the second-largest sale in the history of the state. The all-cash deal saw the property change ownership from Nuveen to a joint venture of Morning Calm Management and its partner for $443 million.
A JLL team led by Charles Russo, senior director and asset management lead for East Region Workplace, represented the seller in the deal. Meanwhile, a JLL Capital Markets team worked on behalf of the buyer. Based in Miami, the buyer’s team was led by Manny de Zarraga, Matt McCormack, Ike Ojala, and Hermen Rodriguez and was supported nationally by Mike McDonald.
The distinctive curved facade of the office tower at 701 Brickell Ave., rises more than 30 stories above the intersection with SE 7th St. Property image courtesy of CommercialEdge.com
Nuveen Real Estate, formerly TIAA Real Estate, purchased the Brickell property in 2002. Throughout the last 22 years, 701 Brickell stood out on the Miami commercial real estate market for its exceptional performance in terms of occupancy, rent growth and long-term retention of top-tier institutional tenants.
The class A building rises 33 stories above Brickell Avenue and incorporates nearly 690,000 square feet of Miami commercial real estate space, including almost 20,000 square feet dedicated to retail on the first floor. Originally completed in the late 1980s, the property has been renovated and managed in order to earn LEED Gold certification. Amenities include a fitness center, an on-site ATM, a café, a conference center, a convenience store, a shoeshine service, a car wash, dry cleaning, and electric vehicle charging stations.
The Brickell tower was well-positioned to meet and satisfy the flight to quality that intensified following the onset of the COVID-19 pandemic, when Miami financial and law firms shifted to the highest-quality office buildings and the best locations, such as the Brickell submarket.
The iconic Miami skyline staple incorporates nearly 700,000 square feet of class A commercial real estate space. Property image courtesy of CommercialEdge.com
According to JLL representatives involved in the transaction, the property continues to hold significant appeal, as demonstrated by the notable acquisition interest shown by top-tier institutional and ultra-high net worth investors while the property was being shopped.
