Tyko Capital Lends $565M for 830 Brickell Office Tower in Miami
By Julia Echikson July 24, 2024 1:36 pm
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Oko Group and Cain International scored $565 million from Tyko Capital to refinance 830 Brickell, Miami’s first new stand-alone office tower in over a decade.
The long-term, permanent loan will pay off the 57-story development’s construction loan, which Michael Dell’s MSD Partners provided in 2019. A year ago, developers Oko and Cain boosted the debt by $57 million, bringing the total to $357 million.
“Our ability to secure favorable financing terms for 830 Brickell is a fitting capstone to the building’s success,” Vlad Doronin, chairman and CEO of Oko Group, and Jonathan Goldstein, CEO of Cain International, said in a joint statement.
Tyko, founded last year as a joint venture between Elliot Management and Adi Chugh, specializes in commercial real estate, according to Bloomberg. Beatriz Azcuy of Sidley Austin represented the 830 Brickell ownership in negotiations.
The 640,000-square-foot development is scheduled to be completed this fall. Since launching construction in 2020 during the height of the pandemic, 830 Brickell has become Miami’s most sought-after office development, attracting new-to-market tenants.
The property is 90 percent leased with tenants that include tech giant Microsoft, hedge fund Citadel, Santander Bank, private equity firm Thoma Bravo, and law firms Sidley Austin and Kirkland & Ellis.
Besides 830 Brickell, Oko Group and Cain International have become frequent partners in South Florida, having completed the Missoni-branded condo tower in Miami last year. Another Miami condo, Una Residences, remains under construction, and the joint venture has announced plans for a rental in Fort Lauderdale.
Out on the West Coast in Beverly Hills, the partnership is planning a 17.5-acre mixed-use urban destination master-planned by famed architect Norman Foster.
Julia Echikson can be reached at jechikson@commercialobserver.com.
