830 Brickell Developers Boost Financing to $357M
By Julia Echikson July 31, 2023 2:44 pm
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Oko Group and Cain International increased the construction loan for 830 Brickell, one of Miami’s most sought-after office developments, by $57 million, for a total of $357 million, property records show.
Back in 2019, the joint venture scored a $300 million construction loan from Michael Dell’s MSD Partners to build the 57-story office story in the heart of Miami’s financial district, the city’s first trophy tower in over a decade. The original financing was split into three installments: $150 million, $105 million and $45 million, according to mortgage documents.
The developers and lender have now modified the construction financing, adding an additional $57 million to the total, and redistributed the total funds into two loans of $232.05 million and $124.95 million.
“Construction of 830 Brickell office tower is progressing at a steady pace and slated for delivery this year. The superstructure is complete and our team is now putting the final touches on our glass curtain wall, amenities, and interior finishes,” according to a statement from the developers.
As the first standalone office building erected across Miami in a decade, the 638,355-square-foot building emerged as a trophy property during the height of the pandemic, attracting new-to-market, high-profile tenants.
Financial heavyweight Citadel, led by billionaire Ken Griffin, is taking over 100,000 square feet; Microsoft is set to occupy about 50,000 square feet; and law firm big shots Kirkland and Ellis and Sidley Austin inked deals for a combined 175,000 square feet, just to name a few.
The development — which breached asking rent of $100 per square foot, a record for the Magic City — is fully leased.
Julia Echikson can be reached at jechikson@commercialobserver.com.
