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701 Brickell Avenue

National Union Fire Insurance Company Renews Lease At 701 Brickell Avenue Represented By Colliers And Cushman & Wakefield
LEASEDOffice

National Union Fire Insurance Company Renews Lease At 701 Brickell Avenue Represented By Colliers And Cushman & Wakefield

701 Brickell Avenue

Building Size

13,350 SF

Asset Type

Office

Closing

Oct 7, 2024

AI

The property involved in this transaction is an office space located at 701 Brickell Avenue, Miami, with a total area of 13,350 square feet. The asset is under the ownership of Nuveen Real Estate and houses National Union Fire Insurance Company as a tenant. The market value reflects the importance of the Brickell area as a central hub for insurance firms.

Summary of transaction details:

This transaction highlights key individuals and firms involved in the lease agreement. National Union Fire Insurance Company, a subsidiary of AIG, has renewed its lease with the representation of Stephen Rutchik from Colliers for the tenant side, while the landlord, Nuveen Real Estate, was represented by the team from Cushman & Wakefield, including Andrew Trench, Brian Gale, Edward Quinon, and Ryan Holtzman.

Players

Brian Gale

Cushman & Wakefield

Broker

$389M

vol

16 deals

Broker

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