Swire Properties Sets Sights On 700 Brickell

Calling the 700 Brickell site in Miami “a logical extension of Brickell CityCentre to Brickell Avenue,” Swire Properties is joining the group of interested buyers for Northern Trust’s 1.5 acres in the middle of the city’s financial district.
Swire executive vice president Megan Kelly said Monday in a written statement that the company, which is developing the 2.9 million-square-foot CityCentre nearby, plans “to pursue the opportunity aggressively.” The company’s disclosure comes as somewhat of a surprise, as it assembled much of the CityCentre site through distressed purchases during the real estate downturn. The 700 Brickell site, which is now a vacant lot, is expected to be sold at a top-of-the-market price. The site was once the location of the Miami Today newspaper.
CBRE and Steelbridge Capital LLC marketing the site and have established an April 17 call for offers, according to CBRE vice chairman Christian Lee.
“We expect interest from a wide variety of developers, of which many are in Miami right now,” Lee said. “Certainly there has been a strong push for land due to tremendous demand for all property types.”
Source:  DBR



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