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.