Swire Wins 700 Brickell Land With $65M Bid

Swire Properties won the heated bidding for the 700 Brickell site in Miami for $65 million, according to sources who asked not to be named.
The property was sent to auction by its owners. After three calls for final offers, Swire won the contract by besting the bids of Related Group and Fortune International, according to a source.
Swire now has the property under contract, with the deal set to close in the coming days. It was a foregone conclusion that Swire, which is building Brickell CityCentre adjacent to the site, would end up with the property because it didn’t have direct access to Brickell Avenue, the gateway to one of Miami’s hottest neighborhoods. Brickell CityCentre is a multi-block project that includes hotel suites, residences, offices, and retail, with Bal Harbour Shops as a partner on the latter.
Robert Given, Gerard Yetming and Christian Lee of CBRE and Jay Caplin of Steelbridge Capital brokered the transaction.
In the past, real estate experts have conjectured that the property could be developed as a luxury hotel with a condominium serviced by the hotel. The fact that Fortune and Related were interested indicates that residential would likely work on the site.
The 700 Brickell Ave. site had been home to Northern Trust bank, which is relocating to nearby 600 Brickell, and was home to Miami Today, whose building has been demolished.
The site was marketed on behalf of Northern Trust and the Brickell family trust, which share control of the site, according to sources who asked not to be named.
 
Source:  SFBJ

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  1. […] Swire closed on the $64 million purchase of 1.55 acres at 700 and 710 Brickell Ave. in July from descendants of the pioneering Brickell family and Northern Trust. […]

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