Elliott Investment Management and Morning Calm Acquire Brickell Office Tower for $443 Million in Landmark Deal
October 11, 2024Elliott Investment Management, led by billionaire Paul Singer, has completed the purchase of a 33-story office tower at 701 Brickell Avenue in Miami for $443 million. According to brokers involved in the deal, the acquisition, conducted in partnership with Boca Raton-based Morning Calm Management, marks one of the largest office real estate transactions in Florida history.
The building was purchased from Nuveen Real Estate, a New York-based firm, for $644 per square foot. The 687,000-square-foot tower is 90% occupied, with critical tenants including Bank of America, law firm Holland & Knight, and tech firm Kaseya. Nuveen had previously acquired the property for $172 million in 2002 and completed a $50 million renovation in 2021.
The deal was brokered by JLL’s team, led by Manny de Zarraga and Matt McCormack. They represented Nuveen and sourced the buyers. Charles Russo from East Region Workplace also represented Nuveen.
This acquisition makes Elliott, now headquartered in West Palm Beach after relocating from New York, a significant player in the competitive Brickell office market. Elliott, which manages approximately $69.7 billion in assets as of June 30, is also backing Tyko Capital, a firm financing the development of a new office skyscraper in Brickell.
The transaction is the second-largest office sale in Florida’s history, following the 2016 sale of the Southeast Financial Center in downtown Miami for $540 million.