MIAMI-600 Brickell is finally going to be completed. Formerly called the Brickell Financial Center, the project was delayed when the capital markets froze in the midst of the commercial real estate bust.
Now, construction will continue with a $130 million senior construction loan from Canyon Capital Realty Advisors. The loan will allow Brickell Holdings to complete the 40-story, class A office tower with approximately 600,000 square feet of leasable space in the heart of the Brickell submarket of Miami’s Central Business District.
“This is an excellent commercial transaction at competitive rates,” says Foram Chairman and CEO Loretta Cockrum. “600 Brickell will be a landmark development and will be the most sustainable, efficient and tenant-friendly building in the Southeast. We expect to attract tenants who share these values.”
The developer of the project, Miami-based Foram Group, is starting leasing activities once again so that the initial occupancy can occur when the project is finished. The building is 80 percent completed with occupancy scheduled for this fall. Bilzin Sumberg had originally signed a deal for 115,000 square feet at the tower, but the 10.5-year, $58 million lease was mutually cancelled when it became evident that the project would not come online as planned.
The construction loan from Canyon funds not only the completion of the building’s core and shell, but will also fund tenant improvements and leasing commission costs. CB Richard Ellis is handling office leasing efforts through leasing agents No
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