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701 Brickell Avenue

Nuveen Real Estate Enhances Appeal Of 701 Brickell Avenue With Pura Vida Lease
LEASEDOffice

Nuveen Real Estate Enhances Appeal Of 701 Brickell Avenue With Pura Vida Lease

701 Brickell Avenue

Building Size

4,998 SF

Asset Type

Office

Closing

Nov 14, 2023

AI

Nuveen Real Estate and Cushman & Wakefield have announced the opening of Pura Vida's 4,998-square-foot outpost at 701 Brickell Ave. in Miami's financial district. The strategic move is part of Nuveen's plan to enhance the building's appeal, with recent improvements including a renovated lobby, conference facility, fitness center, and tenant lounge.

Summary of transation details

  • Property Type: Office
  • Transaction Amount: Not mentioned
  • Address: 701 Brickell Avenue
  • Market: Miami
  • Asset Type: Office - SF: 4,998
  • Landlord: Nuveen Real Estate - Charles Russo
  • Tenant: Pura Vida - Omer Horev
  • Broker: Zachary Winkler - JLL

The deal brings together Nuveen Real Estate, the landlord of the property, and Pura Vida, the tenant. Zachary Winkler of JLL represented Pura Vida in the transaction.

Players

Zachary Winkler

JLL

Broker

$7.4M

vol

3 deals

Broker
Nuveen
NuveenLender

Charles Russo

Nuveen

Landlord

3 deals

Landlord
Omer Horev

Omer Horev

Pura Vida Miami

Tenant

7 deals

Tenant

Miami Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93