Landmark Florida High-Rise Sold for $443 Million in Landmark Miami Office Deal

The building's seller, Nuveen Real Estate, was represented by JLL, which secured Morning Calm Management and its partner as the buyer.Photo byCourtesy Photo

JLL’s Capital Markets group announced today that it has arranged the $443 million sale of 701 Brickell, a prestigious Class AA office building located in Miami’s financial district. The 685,279-square-foot property was sold in an all-cash transaction, making it the second largest office deal in Florida’s history, just behind the 2016 $540 million sale of the Southeast Financial Center, also handled by JLL.

The building's seller, Nuveen Real Estate, was represented by JLL, which secured Morning Calm Management and its partner as the buyer. Led by Charles Russo, Senior Director of Asset Management for Nuveen, the building recently underwent a $30 million renovation to maintain its status as a top-tier location for global companies and law firms. Prestigious tenants like Bank of America and Holland & Knight have made 701 Brickell a standout property in Miami’s thriving office market, which currently leads the nation in rent growth and occupancy.

The sale attracted interest from top institutional and ultra-high net worth investors, with JLL’s Miami-based team of Manny de Zarraga, Matt McCormack, Ike Ojala, and Hermen Rodriguez leading the transaction.