MIAMI — Monarch Alternative Capital, an investment firm with offices in New York City, London and South Florida, has purchased 801 Brickell, a 412,000-square-foot office building in Miami.
The 28-story high rise is located just a block from Biscayne Bay in downtown Miami’s Brickell neighborhood, two blocks from a Metromover station. Monarch Alternative Capital will operate the transit-served property in partnership with Tourmaline Capital Partners. The seller and sales price were not disclosed.
Originally constructed in 1985 within the Brickell district just south of the downtown area, the 28-story building was more than 90 percent leased at the time of sale. Tenants include U.S. Securities and Exchange Commission, Mastercard and Royal Bank of Canada.
The building also houses a ground-floor restaurant, as well as a fitness center, tenant lounge, conference facilities and unobstructed views of Biscayne Bay. The previous ownership completed a capital improvement program at the property in 2022.
According to the Colliers leasing webpage, BOMA awarded 801 Brickell the prestigious Office Building of the Year (TOBY) Award for excellence in environmentally sound office building management. The building boasts energy consumption 38 percent below the national median for similar buildings.
Monarch cited the tenant quality and overall office trends in Miami for the purchase.
“In addition to the property’s characteristics, the Miami market continues to benefit from macroeconomic tailwinds resulting in sustained demand for office space,” the company stated in a press release. “The Brickell submarket, in particular, has been the epicenter of new-to-market relocations with several institutional financial services and law firms signing leases within the last two years. Coupled with increased leasing activity, Class A assets in the area have also benefited from strong rent growth with asking rates growing nearly 30 percent year-over-year.
“With recent new supply in the Brickell Class A office market fully absorbed, direct vacancy at less than 10 percent, and limited new development over the next five years, Monarch believes the supply-demand imbalance will favorably position high-quality boutique buildings like 801 Brickell.”
— Taylor Williams