Morning Calm Management and its partner has acquired a trophy Class AA office building in the heart of Miami's financial district for $443 million. The sale of the 685,279 square foot building, owned by Nuveen Real Estate, was structured as an all-cash transaction and represents the second largest office transaction in Florida history, just behind the $540 million sale of the 1.2 million square foot Southeast Financial Center in 2016.
JLL arranged both transactions.
The building, located at 701 Brickell, is in a market that is currently the top performing in the US in terms of occupancy and growth, according to JLL.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
