Newmark Arranges $630 Million Refinancing of 830 Brickell
The 57-story office tower is Miami’s first Class-A delivery in more than a decade.
The 57-story office tower is Miami’s first Class-A delivery in more than a decade.
The entire site encompasses 228,355 land square feet and 435 feet of frontage along South Dixie Highway, and includes a 4-story office building.
Wynwood is now Miami’s most active office submarket, recording more than 572,000 square feet of absorption this year, the highest in the county and a rare bright spot as many national markets flatten.
The deals include a full-floor new-to-market tenant and multiple renewals.
The assemblage consists of 11 contiguous parcels spanning block to block from W. Flagler Street to SW 1st Street.
ONE Sotheby’s International Realty will handle the sale through an online auction starting December 3, with a live bidding event in New York on December 17.
The firm occupies floors 41 through 43 of the office tower.
Sean Kelly, vice president at CBRE, said, “The submarket has attracted over 700,000 square feet of tenant relocations from other parts of Miami, as decision-makers prioritize proximity to home. Additionally, more than 150,000 square feet of new-to-Florida tenants have selected Coral Gables for their Miami headquarters.”
At full build-out, Midtown Park will feature six towers, including four residential buildings and two office structures.
This sale marks a lucrative exit for the sellers, who bought the tower about seven years ago for $248.5 million.
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