Nuveen Seeks Half a Billion Dollars for 32-story Office Building in Brickell

Nuveen Real Estate has recently listed the 701 Brickell office tower in Miami for sale, aiming to fetch around $500 million. The 32-story building boasts a 90 percent occupancy rate, with major tenants such as Apollo Global Management, BlackRock, and Point72 Asset Management. Notable recent leases include a renewal by law firm Holland & Knight and the opening of a Pura Vida café on the ground floor. Nuveen originally acquired the property in 2002 for $172 million and invested $30 million in renovations in 2021.

JLL Handles Selling Assignment; Potential Second Brickell Office Sale for Nuveen

JLL has been assigned the task of selling 701 Brickell. This potential deal would mark Nuveen’s second office sale along Brickell Avenue. Last October, Nuveen sold the 801 Brickell office high-rise for $250 million to Monarch Alternative Capital and Tourmaline Capital Partners. Representatives for Nuveen and JLL have not yet provided comments on the matter.

Brickell Sees Surge in Demand Amid Pandemic; Property Owners Capitalize

The pandemic spurred an influx of high-earning individuals and companies to Brickell, driving up demand for both residential and office spaces. Now, property owners are keen to capitalize on this trend. Aimco, for instance, has put the Brickell Bay Office Tower and the adjacent Yacht Club Apartments on the market for a combined $650 million. Additionally, the City of Miami is seeking up to $40 million for the Vice City Marina.