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
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