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Elliott Strikes $450M Deal for Miami Office

Elliott Investment Management has struck a contract agreement for roughly $450 million to acquire a Miami office building, according to a report from The Real Deal

The asset, 701 Brickell Avenue, spans 687,000 square feet asset and was first opened in 1985 before undergoing renovation in 2021.

The 33-story building now features floor plates, an art conference facility, a beauty salon, a parking garage, a bank and atm, a car wash, a tenant lounge, a fitness center, and a skyline room. Plus, "coming soon" to the property is a Pura Vida Cafe, according to 701 Brickell.

Also, 31 transit routes are in proximity and is just blocks away from the Brickell City Centre.

While the deal isn't finalized, the seller of the modern office tower would be Nuveen Real Estate, The Real Deal wrote. The building is more than 90 percent leased.

Currently, South Florida is leading the way in office recovery from the pandemic lows. At least nine in 10 employees are now back in the office versus pre-pandemic levels, according to the Fort Lauderdale Downtown Development Authority (FTL DDA).

Miami in the second quarter for the asset class saw a 15.8 percent vacancy rate, a 50 basis point decrease compared with the first three months of the year, according to a JLL market report. Plus, overall rent in the area surged 12.7 percent year-over-year to $63.49 per SF. JLL said that Miami's skyline and proposed developments have made the region attractive.

Elliott, under the leadership of billionaire Paul Singer, manages about $66.7 billion in assets and employs 570 people.

Reprinted with permission from the Thursday, 26 September 2024 05:01:51 EST online edition of GlobeSt © 2024 ALM Media Properties, LLC. All rights reserved. Further duplication without permission is prohibited, contact 877-256-2472 or reprints@alm.com.