What's on the block
Monarch Alternative Capital and Tourmaline Capital Partners are gauging interest in selling 801 Brickell, an office tower in Miami's Brickell district, a waterfront neighborhood that has drawn global finance names. They have tapped Eastdil Secured Savills to canvass potential buyers, according to people with knowledge of the process who asked not to be identified because the discussions are private. Spokespeople for Monarch and for Eastdil offered no comment, while a Tourmaline representative did not immediately respond.
How the numbers pencil out
The price being floated is above $400 million for the 28-story, 437,000-square-foot building. At that level, the implied value is about $900 per square foot, which those familiar with the effort said would be the highest recorded in the area. The duo bought the property in late 2023 at a price of about $250 million, after which upgrades were made to the lobby, shared areas, and other amenities. Current in-place rents sit roughly 40% below the neighborhood's asking rates, giving a future owner room to lift revenue as leases expire.
Why Brickell matters and what it means for your portfolio
Brickell has long been Miami's finance hub, historically anchored by firms serving Latin America. During the pandemic, that dynamic shifted as Wall Street heavyweights established outposts and drove rents higher. Apollo Global Management Inc., KKR & Co., and Thoma Bravo have all taken space in recent years.
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Momentum is still building: At 1201 Brickell Bay Drive, Ken Griffin's Citadel is developing a large headquarters for its global operations, and Banco Santander SA is erecting a new tower close by. If 801 Brickell sells at the whispered price, it would reinforce a simple point for anyone watching commercial real estate: well located offices with a path to higher rents are still drawing capital, even as the broader market finds its footing.
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