Elliott Investment Management Expands Portfolio With $450 Million Acquisition Of Brickell Office Tower

Elliott Investment Management, led by investor Paul Singer, has entered into a contract to purchase the iconic 701 Brickell office tower in Miami for approximately $450 million. This acquisition marks a significant step in the New York-based hedge fund’s strategy to expand its investments in South Florida’s thriving real estate market.

Located at 701 Brickell Avenue, the 33-story tower spans 687,000 square feet and has recently undergone renovations in 2021. The property is currently over 90 percent leased, hosting prominent tenants such as the law firm Holland & Knight, IT and security management software company Kaseya, and Bank of America. Additionally, the building features a popular restaurant, Pura Vida.

The tower was previously owned by Nuveen Real Estate, a subsidiary of Teachers Insurance and Annuity Association of America (TIAA), which put the property on the market in April with a target price exceeding $500 million. JLL has been overseeing the marketing of the property.

This acquisition continues Elliott’s commitment to investing in the rapidly growing South Florida market, further solidifying its position as a key player in the region’s real estate landscape.

Elliott Investment Management has a rich history of identifying and capitalizing on high-value investment opportunities. With this latest acquisition, the firm aims to leverage the strategic advantages offered by Miami’s dynamic economic environment.