830 Brickell, a Class A+ tower that represents a joint venture between real estate firms Cain International and OKO Group, has scored $565 million in financing to pay off existing debt.
The 57-story fully leased property features 55 floors and covers 640,000 square feet. In a statement, 830 Brickell said it was the first Class A+ tower to be built in Miami’s Brickell Financial District in more than 10 years.
In 2019, MSD Partners provided the original construction loan for the building. But the new one, provided by TYKO Capital, will effectively pay off the original. The TYKO debt is classified as a long-term loan.
The construction of 830 Brickell first began in 2020. When the property first launched, the office space cost ranged from $60-$70 per square foot. But the final leasing rates completed at the property have more than doubled to greater than $150 per square foot. Meanwhile, the typical cost in the Brickell submarket is around $100 per square foot, according to 830 Brickell.
Currently, tenants are constructing their spaces at the tower, with delivery anticipated for the fall. Some notable companies in the building will include major tech and financial players such as Microsoft, Citadel, Santander Bank, A-CAP, CI Financial (Corient), Thoma Bravo, Kirkland & Ellis, Marsh Insurance, and Sidley Austin.
According to 830 Brickell, 90 percent of the tenants in the tower have registered their first office in Miami. The joint venture appeals to “new-to-market firms” arriving in the city, it said.
“Our ability to secure favorable financing terms for 830 Brickell is a fitting capstone to the building’s success, Vlad Doronin, chairman and CEO of OKO Group, and Jonathan Goldstein, CEO of Cain International, said in a joint statement.
“830 Brickell has acted as a catalyst for a historic wave of business migration into South Florida, positioning itself as the base for the world’s premier finance, technology and professional services firms and propelling an office market that continues to outperform other major cities.”
Amenities at 830 Brickell include a restaurant, bar, and private club on the highest floor, a wellness center, conference areas, cafes, and an outdoor terrace. Outside of the tower, there’s street retail, transit options, and neighborhoods including Wynwood, Edgewater, Miami’s Design District, and Miami Beach are minutes away.