Brickell Office Building Reported To Sell For $250 Million

According to sources, Monarch Alternative Capital and Tourmaline Capital Partners are purchasing the 28-story 801 Brickell Avenue in Miami from Nuveen Real Estate for around $250 million. Late this week or early next week is when the deal is anticipated to close.

The transaction would set a record if the purchase closes at this price.

For Nuveen, the marketing is being led by Adam Spies of Newmark. The seller is also being represented by Cushman & Wakefield‘s Mike Davis and Dominic Montazemi.

According to property records, the 1984-built building has a total square footage of 695,000 square feet, 415,000 of which are offices. The building was purchased in 2002 for $80.3 million by Nuveen, the financial division of the Teachers Insurance and Annuity Association of America, or TIAA.

According to sources, 801 Brickell is leased to over 90%.

 

Source:  The Real Deal