The owners of one of Brickell’s most-valuable office buildings are looking to sell it for a neighborhood record price of over $400 million.
Monarch Alternative Capital and Tourmaline Capital Partners tapped Eastdil Secured Savills to find buyers for 801 Brickell, three years after purchasing the 437,000-square-foot building, Bloomberg reported. The asking price works out to $900 per square foot. An Eastdil spokesperson did not immediately respond to a request for comment.
Nuveen Real Estate sold the 28-story building to Monarch and Tourmaline for $250 million in 2023. It was the most expensive office sale in Florida that year and the eighth-priciest in the country, according to CommercialCafe.
Nuveen bought the building in Miami’s financial district for $80 million in 2002, records show, and renovated the lobby, common areas and amenity spaces.
Rents in the building are 40 percent below asking rates for the neighborhood, Bloomberg reported. Brickell’s average rental rate was $90.25 per square foot this summer, the third-highest in the county after Miami Beach ($100) and Coconut Grove ($98), according to Savills.
The building at 801 Brickell offers an alternative for tenants who want to be in the financial district but can’t afford the premium rents of newer developments like 830 Brickell, completed in 2024 by OKO Group and Cain.
Billionaire Peter Thiel inked a record lease this summer for his family office at that 57-story skyscraper, paying $250 per square foot for 18,200 square feet of space on the 44th floor.
High-profile office tenants at 801 Brickell include Mastercard, BNP Paribas Securities, the U.S. Securities and Exchange Commission, Galderma Laboratories, the U.S. General Services Administration, law firm Venable and data and AI security company Varonis.
Those three tenants provide over 40 percent of the building’s income, according to an analysis last year by rating agency KBRA.
The building has more than 20,000 square feet of retail, plus a 10,000-square-foot amenity space on the fifth floor. The ground-floor retail spaces are occupied by Dave Grutman’s Asian-fusion restaurant Komodo and fast-casual Mediterranean eatery chain Cava.
Monarch and Tourmaline secured $229 million refinancing last year from Goldman Sachs and Wells Fargo through a single-asset single-borrower commercial mortgage backed securities deal structured as floating monthly interest-only payments, with an initial two-year term and three one-year extension options, secured by the owners’ full interest in the property, according to KBRA.
Meanwhile, 830 Brickell secured refinancing through SASB CMBS for $630 million from Goldman Sachs and JPMorgan. That debt replaced the $565 million construction bridge loan from July 2024 that was provided by Tyko Capital, the lending subsidiary of billionaire Paul Singer’s Elliott Investment Management.
Monarch and Tourmaline’s loan for 801 Brickell matures in October 2027, and the interest rate is 3.2 percent plus Secured Overnight Financing Rate, a fluctuating base interest rate that lenders use to price certain loans.
The Federal Reserve raised the federal funds rate by 25 basis points last month, the first hike in three years. While the federal funds rate differs from SOFR, changes in the Fed’s policy rate generally influence SOFR by affecting short-term borrowing costs.
KBRA’s analysis as of Sept. 30 valued 801 Brickell at $219 million, or $528 per square foot, and put net cash flow at $19.2 million. That’s up slightly from the agency’s analysis last year, which valued the building at $215.9 million and net cash flow at $18.9 million.
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