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:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 701 Brickell Avenue
- Market: Miami
- Square Footage: 13,350
- Landlord: Nuveen Real Estate
- Tenant: National Union Fire Insurance Company
- Landlord's Representative: Andrew Trench, Brian Gale, Edward Quinon & Ryan Holtzman - Cushman & Wakefield
- Tenant's Representative: Stephen Rutchik - Colliers
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
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