Monarch, Tourmaline Close $250M Purchase of 801 Brickell Office Tower
By Julia Echikson October 6, 2023 11:03 am
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Monarch Alternative Capital and Tourmaline Capital Partners closed on the purchase of 801 Brickell, a 28-story office building in Miami’s Brickell district, for about $250 million, sources familiar with the deal told Commercial Observer.
The transaction is the largest office sale in South Florida since Ken Griffin‘s financial firm Citadel paid $286.5 million for a 26-story tower at 1221 Brickell Avenue last year. The sale comes as Miami’s office leasing market has slowed from the height of the pandemic, when a slew of new-to-market tech and finance firms arrived in Miami.
The 801 Brickell building is 92 percent leased to tenants that include French bank BNP Paribas, investment firm Selvatra, investment and banking firm Cassel Salpeter & Company and insurance and investment firm Swiss Re AGroup. The ground floor is home to David Grutman’s celebrity hot spot Komodo.
The seller, Nuveen Real Estate, had purchased the 415,000-square-foot building for $80.3 million in 2002, according to property records. In recent years, the New York-based investor had spent millions to upgrade the property, which was completed in 1984, renovating the lobby and adding amenities such as a climbing wall.
The Brickell deal marks the second major office deal between Monarch and Tourmaline. In 2021, New York-based Monarch acquired a majority stake in 34-story tower Citigroup Center for $300 million from Tourmaline and CP Group, who remained as minority owners.
Cushman & Wakefield’s Dominic Montazemi, Mike Davis and Miguel Alcivar along with Newmark’s Adam Spies and Marcella Fasulo represented the seller. Stephen Rutchik and Tom Farmer of Colliers, who worked as 801 Brickell leasing agents, also helped broker the transaction. The brokers declined comment.
Representatives for Monarch and Tourmaline did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
