Monarch Alternative Capital acquires 801 Brickell in Miami
Monarch Alternative Capital has acquired 801 Brickell, a premier class A office building in Miami.
801 Brickell is a trophy asset located in Miami’s coveted Brickell submarket. With nearly 412,000 square feet, the building offers unobstructed, floor-to-ceiling views of Biscayne Bay and modern amenities following a building renovation completed in 2022. Furthermore, the asset is fully stabilized on long-term leases for many blue-chip tenants, including the U.S. Securities and Exchange Commission, Mastercard and Royal Bank of Canada.
The Miami market continues to benefit from macroeconomic tailwinds that result in sustained demand for office space. The Brickell submarket, in particular, has been the epicenter of new-to-market relocations, with several institutional financial services and law firms signing leases within the last two years. Coupled with increased leasing activity, class A assets in the area have also benefited from strong rent growth with asking rates gr