Stephen Ross’ Related Cos. to Develop Office Tower in Miami’s Brickell: Report
By Julia Echikson March 29, 2022 1:37 pm
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The king of West Palm Beach offices is taking its talents to Miami.
Development behemoth Related Cos., led by Stephen Ross, is partnering with Swire Properties to build an office skyscraper in Brickell, the Magic City’s financial district, Bloomberg reported.
Earlier this month, Swire filed plans with the Federal Aviation Administration to build the 80-story tower. If approved, the skyscraper would become one of the tallest in Miami, soaring 1,040 feet.
The development, One Brickell City Centre, sits in the heart of Brickell at 700 Brickell Avenue, just east of the Eighth Street station. Swire completed the $64 million purchase of the 123,560-square-foot parcel in 2013, according to property records.
Construction is set to begin next year, Ross, Related’s chairman, told Bloomberg. He did not, however, confirm specific details about the project. Representatives for Related did not immediately respond to Commercial Observer’s request for comment, while a spokesperson for Swire declined to comment.
Related’s plans come as corporate giants have decamped to Miami over the past two years with many seeking Class A offices in central districts. The building at 830 Brickell, the only Miami office tower erected in a decade, has attracted Microsoft as well as financial heavyweights Thoma Bravo and CI Financial.
The Miami project marks Related’s first Florida venture outside of West Palm Beach, where it dominates the office market. Related has shelled out over $450 million in West Palm Beach offices since the start of the pandemic. Its marquee office development, 360 Rosemary, nabbed high-profile tenants Goldman Sachs and Elliott Management
In New York, the firm is best known for developing Hudson Yards, the largest private real estate project in the country.
Related’s Miami partner is no stranger to Brickell. The Hong Kong-based Swire developed Brickell City Centre, a mixed-use development that contains two residential towers, two office buildings as well as an outdoor shopping mall that’s now fully leased.
As demand and property prices soar in Miami, developers are looking up, building what are known in the trade as supertalls. The Naftali Group is developing two supertall residential towers, likely 60 stories each, at Miami Worldcenter. Also in Brickell, Michael Stern and Major Food Group, the firm behind Carbone, are working on a residential tower a few feet taller than Related’s.
Julia Echikson can be reached at jechikson@commercialobserver.com.
