Nuveen Nears Completion of $55M Renovation at Three Office Properties in Miami
MIAMI — Nuveen Real Estate is nearing completion of renovations at three of its office properties in Miami. The assets are located at 801 Brickell and 701 Brickell in the city’s Brickell financial district and at Waterford Business District, a 250-acre office hub that Nuveen co-owns with Allianz Real Estate. The capital improvements total $55 million in value and include digital, touchless features, new tenant amenities, building systems upgrades and other upscale renovations. The three office properties are slated to be complete by the first quarter of 2022.
At 701 Brickell, an office tower in Miami’s Brickell financial district, JLL and Origin Construction are currently leading the remodel in progress. The renovations of the 685,835-square-foot tower comprises a complete remodeling of the main lobby with modern design features and furniture, the addition of a full-service fitness center, installation of touchless entry points and upgrades to the elevator port system to provide touchless access. As part of these capital improvements, an amenity floor was completed last year with a tenants-only lounge and conference center facility. Currently, 701 Brickell has tenants such as Holland & Knight, Kaseya, Expedia and the Greater Miami Convention & Visitors Bureau.
The capital improvements on the other Brickell office building, 801 Brickell, includes a complete lobby enhancement, the addition of an amenity floor that will feature a conference center, tenant lounge and a fitness center. Other upgrades being made will include common area renovations, as well as HVAC system improvements. The 411,613-square-foot office building’s tenants include MasterCard, U.S. Securities & Exchange Commission, Bessemer Trust and Komodo Miami.
A renovation is also currently in progress at Waterford Business District, with some of the renovations already completed in 2020. The remodel includes new landscaping features, upgrades to the restrooms and common areas, HVAC improvements, modernization of elevators and the addition of spec suites.
As part of the renovation, the 1.7 million-square-foot district recently opened a new café, conference center, electric vehicle charging stations and new monument signage throughout the property. Tenants at the Waterford Business District include Marriott International, Nicklaus Children’s Hospital and Subway.
After working with Nuveen’s two Brickell assets in Miami, JLL was selected to provide property management services for Nuveen and Allianz at Waterford Business District.