Jonathan Goldstein and Vladislav Doronin

The top-shelf tower 830 Brickell is, in the words of one of its developers, the pièce de résistance of the Miami office market.

The developers, Cain and OKO Group, had the kind of timing that simply cannot be duplicated or planned for. Space at 830 Brickell began quietly going on the market around 2021, when Miami’s Class A office rents hovered around $60 per square foot and COVID-19 still posed the great unanswered question in office leasing.

“When we developed, NOI was $35 million,” said Cain CEO Jonathan Goldstein. “Now it’s approaching $60 million.” 

The property is currently leasing for an astounding $225 per square foot. And the tenants have been the bluest of blue chip: Microsoft, Kirkland & Ellis, Sidley Austin, Santander Bank and Citadel. In December, the building was refinanced to the tune of $630 million in commercial mortgage-
backed securities.

Beyond the wild success of 830 Brickell, the Cain and OKO partnership has also yielded the Una Residences, a 47-story condo in South Brickell designed by Adrian Smith + Gordon Gill (who designed, along with 830 Brickell, the Burj Khalifa). The building just received its occupancy OK, and units have fetched $2,000 per square foot.

While the two companies have done brilliant work together, they also have projects they’re doing separately — Vladislav Doronin’s OKO has partnered with Oak Row Equities and Mariposa Real Estate to assemble 4.25 acres of Brickell waterfront for a project that zoned for 3 million square feet of development.

Meanwhile, Cain has one of South Florida’s most exciting hospitality projects in the works, which, if all goes according to plan, should be the template for Cain to reproduce dozens of times around the globe: a new Delano hotel.

The Delano, one of Miami’s iconic 1940s Art Deco hotels, received its initial reimagining in the 1990s from Ian Schrager. “I first visited in the early 1990s,” Goldstein said. “I felt a bit out of place — I was not toned enough.”

Now, Cain is reimagining the property yet again. “What we’re hoping to do is bring it back,” Goldstein said. “A lot of time and effort has been put into the design, and we’re activating the food and beverage.”

In addition to the South Florida Delano, which should be opening in early April, Cain bought a property in New York that it’s planning to roll out as a Delano. “We just signed a [letter of intent] to do a Delano in Abu Dhabi. We contracted in London. One in Paris.”