Nuveen Wants $500M for Brickell Office Tower
By Julia Echikson April 30, 2024 3:47 pm
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Nuveen Real Estate has put the 701 Brickell office tower in Miami on the market, hoping to get as much as $500 million, Bloomberg reported.
The 32-story building is 90 percent leased to tenants that include financial heavyweights Apollo Global Management, BlackRock and Point72 Asset Management. Last year, law firm Holland & Knight renewed its 121,032-square-foot lease, and Pura Vida opened a 5,000-square-foot cafe on the ground floor.
Nuveen purchased the 1.1 million-square-foot office building for $172 million in 2002, according to property records. The tower was built in 1986, and Chicago-based Nuveen spent $30 million renovating the property in 2021.
JLL has the selling assignment for 701 Brickell. If the building is sold, the deal would mark Nuveen’s second office sale along Brickell Avenue. In October, it sold the 801 Brickell office high-rise for $250 million to Monarch Alternative Capital and Tourmaline Capital Partners.
Representatives for Nuveen and JLL did not immediately respond to requests for comment.
The pandemic prompted high-earning Northerners and wealthy companies to move to Brickell, which filled residential and office buildings. Now, property owners want to cash in.
Aimco has put the 32-story Brickell Bay Office Tower and the adjacent 31-story Yacht Club Apartments on the market, seeking a combined $650 million. The City of Miami wants as much as $40 million for the Vice City Marina.
Julia Echikson can be reached at jechikson@commercialobserver.com.
