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Sign in Sign up for a FREE subscriptionNuveen Real Estate sells trophy office building in Florida for $443m
Nuveen Real Estate has sold 701 Brickell, a trophy, class AA office building totaling 685,279 square feet in the heart of Miami’s financial district for $443 million. Brickell is the top-performing office market in the United States in terms of occupancy and rent growth. This sale was structured as an all-cash transaction for the seller. 701 Brickell represents the second largest office transaction in Florida history, just behind the $540 million sale of the 1.2 million-square-foot Southeast Financial Center arranged by JLL in 2016.
JLL represented the seller and procured the buyer, Morning Calm Management and its partner.
Nuveen Real Estate, formerly TIAA Real Estate, acquired 701 Brickell in 2002. Throughout Nuveen’s ownership, 701 Brickell has been the top-performing class AA office building in Miami in terms of maintaining high occupancy, consistent rent growth and long-term retention of prestigious tenants, including Bank of America and Holland & Knight.