Brickell Office Tower Hits Market
Monarch Alternative Capital and Tourmaline Capital Partners are seeking more than $400 million for 801 Brickell, a 415,150-square-foot office tower in Miami’s Brickell district. Eastdil Secured Savills is advising the sellers, who purchased the 28-story property for $250 million in 2023. The offering gives investors an opportunity to acquire an established building with substantial occupancy and potential rental growth.
Leasing Supports The Offering
The tower is 93% leased, with 160,000 square feet of leases signed since 2023. Its offering materials estimate that 40% of leases carry below-market rents, suggesting room for higher income as those agreements expire or renew.
That combination makes future lease rollover an important part of the investment proposition: buyers would be evaluating both existing revenue and the opportunity to reset rents.
Key Facts
- Property: 801 Brickell
- Location: Miami’s Brickell district
- Asset Type: Office tower
- Transaction Type: Sale offering
- Seller: Monarch Alternative Capital and Tourmaline Capital Partners
- Size: 415,150 square feet; 28 stories
- Price: Asking more than $400 million
- Brokers: Eastdil Secured Savills, exclusive seller advisor
- Other Notable Details: 93% leased; acquired for $250 million in 2023
Source: SFBJ