The owners of an office building in Miami’s Brickell district are exploring a potential sale that could set a record for the waterfront neighborhood. Monarch Alternative Capital and Tourmaline Capital Partners are working with Eastdil Secured Savills to solicit potential buyers for 801 Brickell, according to people familiar with the effort.
The price being discussed for the 437,000-square-foot building is more than $400 million. That would value the property at about $900 a square foot, the highest ever for the area. Monarch and Tourmaline acquired 801 Brickell in late 2023 for about $250 million, then renovated the lobby and common areas.
The 28-story building collects rents about 40% below asking rates for the neighborhood, creating opportunity for a new owner to drive higher revenue when leases roll off. Brickell has long served as Miami’s financial center, but the tenant base shifted during the pandemic when Wall Street firms opened outposts. Apollo Global Management Inc., KKR & Co. and Thoma Bravo are among firms that took space, pushing rents higher.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing