Nuveen Real Estate listed its 701 Brickell office tower in Miami for more than $500 million, marking at least the fourth property in the financial district to hit the market since the fall.
New York-based Nuveen’s 33-story bayfront tower, named for its address at 701 Brickell Avenue, is more than 90 percent leased, according to a source. Tenants include law firm Holland & Knight, which last summer renewed its 121,000-square-foot lease at the tower; IT and security management software company Kaseya; and Bank of America. Pura Vida restaurant opened in a 5,000-square-foot space at the tower last fall.
Completed in 1985, 701 Brickell spans 687,000 square feet, with typical floor plates of about 22,000 square feet, the property’s website shows. It was renovated in 2021. The Teachers Insurance and Annuity Association of America, or TIAA, Nuveen’s parent, bought it in 2002 for $172 million, according to records.
JLL is marketing 701 Brickell. Bloomberg first reported that 701 Brickell hit the market. The Real Deal independently confirmed the listing with sources.
In October, Nuveen sold another of its Brickell office towers, the 28-story, 695,000-square-foot 801 Brickell building, to Monarch Alternative Capital and Tourmaline Capital Partners for $250 million. Nuveen had paid $80.3 million for the building in 2002, records show.
Mike Sales is CEO of Nuveen Real Assets, and Jose Minaya is CEO of Nuveen, according to the company’s website.
The Brickell Financial District has become the epicenter of out-of-state business migration to South Florida over the past three years. In the most notable move, billionaire hedge funder Ken Griffin moved his Citadel and Citadel Securities’ headquarters to Brickell from Chicago in 2022. Griffin is expected to have a headquarters tower for his companies developed at 1201 Brickell Bay Drive, a 2.5-acre bayfront site he bought for a record $363 million in 2022. The deal equated to $145 million per acre.
Another potential development site that recently hit the market has an asking price that would beat Griffin’s record. Last month, Denver-based Aimco put the 32-story Brickell Bay Office Tower at 1001 Brickell Bay Drive and the adjacent 31-story, 357-unit Yacht Club Apartments at 1111 Brickell Bay Drive on the market for roughly $650 million. The 4.3-acre assemblage offers a redevelopment opportunity, allowing for several supertalls totaling more than 3.1 million square feet. Aimco’s site is one lot north of Griffin’s development site. If the properties sell at the asking price, the deal would break down to over $151 million per acre.
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After Aimco’s listing, Vice City Marina in Brickell hit the market, with an asking price between $37 million and $40 million. The public 26-slip marina, which could be expanded to 36 slips, is next to the Four Ambassadors condo complex that’s immediately north of Aimco’s assemblage.
In October, Gatsby Enterprises put the 15-story office building at 800 Brickell Avenue and adjacent nine-story garage on the market, though the asking price is unknown. The 2-acre property could be developed with an 80-story tower.