OKO Group & Cain International Secure $565M for Miami's First Class A+ Office Tower in a Decade

830 Brickell, a prominent office development, has secured $565 million in long-term financing from TYKO Capital. This funding will replace the previous construction loan provided by MSD Partners in 2019. The financial arrangement supports the tower's delivery, anticipated for this fall.

Building Overview

The 57-story tower, a collaboration between OKO Group and Cain International, stands as the first Class A+ office tower to be built in Miami’s Brickell Financial District in over ten years. The building is fully leased, with tenants currently setting up their spaces. It is gradually receiving its Temporary Certificate of Occupancy, with an official opening expected this fall. The ownership of 830 Brickell was represented by Beatriz Azcuy of Sidley Austin LLP in the transaction.

Leasing Trends

Initially, office spaces at 830 Brickell were priced between $60 and $70 per square foot. However, the final leases exceeded $150 per square foot, reflecting a significant increase from the submarket average, which is around $100 per square foot.

Architectural Design

The tower's design was executed by the architecture firm Adrian Smith + Gordon Gill.