Office Building Sold for $443 Million in Second-Largest Office Deal in Florida’s History

Photo byCUSHMAN & WAKEFIELD

Miami, FL—Nuveen Real Estate has sold the 701 Brickell office building in Miami for a staggering $443 million, marking the second-largest office building sale in Florida’s history. The 685,279-square-foot tower, located in the heart of Miami's financial district, was purchased by Boca Raton-based Morning Calm Management, in partnership with an undisclosed investor. The sale price equates to $646 per square foot.

The building, which last sold for $172 million in 2002, saw a significant increase in value after more than two decades as a long-term investment. While office property values have declined in many parts of the country, Miami’s Brickell area has remained strong due to rising rental rates and an influx of companies relocating to the financial district.

According to a recent listing, approximately 76,278 square feet of space is currently available for lease at 701 Brickell, with rental rates ranging from $140 to $170 per square foot.

A Premium Office Tower

Built in 1986 on a 3.83-acre site, the 33-story building has undergone significant renovations in recent years. Nuveen Real Estate invested $30 million in capital improvements, enhancing the property with amenities such as a fitness center, conference facilities, a restaurant, and electric car charging stations. The building is currently 90.2% occupied, with prominent tenants including Bank of America, Holland & Knight, Point 27, Apollo, and Kaseya.

Mukang Cho, CEO of Morning Calm Management, praised the property for its prime location and high-end amenities, calling it the "premium office tower on Brickell Avenue." He emphasized the building's strong rent roll, filled with leading national and global companies, and pointed to favorable market conditions for top-tier office spaces in the Brickell area.

"We acquired 701 because we have a generally favorable view of the Miami office market as a whole," Cho said. "Our conviction in the investment stems from our perception of the Brickell corridor and the specific area in which 701 sits."

Miami's Hot Office Market

This is the second major office sale for Nuveen Real Estate in Miami within the past year. In 2023, the company sold 801 Brickell for $250 million. The 701 Brickell sale now ranks just behind the 2016 sale of the Southeast Financial Center, which remains the largest office building sale in Florida's history at $540 million.

With Miami’s office market showing resilience and continued growth, especially in the Brickell district, the sale of 701 Brickell underscores the area’s increasing appeal to both national and international companies seeking prime office space.