Tag Archives: South florida real estate

801 Brickell Tower

Monarch Alternative Capital Buys 801 Brickell Office Tower for $250 Million

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801 Brickell Tower

The 801 Brickell office tower in Miami is being purchased by Monarch Alternative Capital and Tourmaline Capital Partners for roughly $250 million.

This 28-story building is anticipated to close in the next week. According to property records, the building was finished in 1984 and has a total square footage of 695,000 square feet, 415,000 of which are offices. The building was purchased in 2002 for $80.3 million by Nuveen, the financial division of the Teachers Insurance and Annuity Association of America, or TIAA. Over 90% of units at 801 Brickell are leased.

Among the tenants are the bank Cassel Salpeter, the investment business Selvatra, and Swiss Re AGroup. The 7,000 square foot office will be opened in the fourth quarter by BNP Paribas Securities Corporation, a division of the European bank BNP Paribas. Komodo, a restaurant owned by Groot Hospitality, has a location at 801 Brickell as well.

Approximately 60% of the purchase price is being financed by 801 Brickell’s buyers.

Apollo Capital Management, Canadian asset management CI Financial, and private equity company Thoma Bravo are three financial institutions that have recently leased space in Brickell. Also relocating from Chicago to Brickell is billionaire Ken Griffin’s Citadel and Citadel Securities.

Since Griffin’s $286.5 million purchase of the structure at 1221 Brickell Avenue in the summer of last year, Monarch and Tourmaline’s acquisition is the largest office transaction in South Florida.

With some asking rentals over $100 per square foot, the number of tenants has driven Brickell rents to all-time highs. The 801 Brickell acquisition is partially a bet on rental growth at the tower because, according to sources, new leases are signing for over $100 per foot, which is significantly more than the rates for existing leases.

According to its website, Tourmaline is an office investment company created in 2021 that has made $3 billion in deals and has 1.4 million square feet under construction. Brandon Huffman is in charge of it.

The Citigroup Center in downtown Miami, located at 201 South Biscayne Boulevard, is likewise a property owned by Monarch and Tourmaline. The 34-story tower also has CP Group, formerly known as Crocker Partners, is listed as a co-owner.

Rivage Bal Harbour

Sales Launch for Rivage Bal Harbour

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Rivage Bal Harbour

In Bal Harbour, the Related Group, Two Roads Developers, and Rockpoint have started taking reservations for an opulent condo on the beach.

At 10245 Collins Ave., Rivage Bal Harbour will include 61 “sky villa” condos spread over 24 stories. By purchasing the Carlton Terrace condo building and ending its association, the developers, acting via Carlton Terrace Owner LLC, obtained the 2.55-acre site. The high-end skyscraper will take the place of the existing condo.

This is part of a pattern where developers are purchasing older condos along the ocean in South Florida since the property is now worth more than the older condo towers, which frequently need a lot of upkeep as they get older.

In the meantime, there is a significant demand for large condos on the ocean in Miami-Dade County due to an inflow of wealthy residents from high-tax areas.

The Rivage Bal Harbour will include apartments ranging in size from 3,300 square feet to 13,000 square feet for penthouses. Prices range from $8 million to $64 million for them.

In addition to a fitness pavilion, a hammam spa, and pickleball courts, the property will have more than 25,000 square feet of wellness-related activities. A pool, a cocktail lounge, a VR game simulator, and a kids’ playroom will all be available as extras.

CFE Architects in Miami Lakes and Skidmore, Owings & Merrill in New York collaborated to create Rivage Bal Harbour. The interior designer is Rottet Studio.

Before the end of 2023, the developer claimed they intended to start construction on the condo.

5011 Pine Tree Drive in Miami Beach

Rockstar Energy Drink Founder Purchased Two Waterfront Properties for $35 Million

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5011 Pine Tree Drive in Miami Beach
Photo Credit: BHHS EWM Realty

Founder of Rockstar Energy Drink, Russel Weiner recently purchased 2 waterfront properties in Miami Beach. Located on Pine Tree Drive, the properties were purchased for a combined $35.1 million.

The homes sold include 5011 and 5111 Pine Tree Drive. According to property records, the homes sold for $17 million and $18.1 million. The two properties were sold to a Las Vegas entity that is managed by Russel Weiner’s trust.

Weiner has made significant headway in the South Florida real estate market. In October 2020, Weiner purchased and flipped to homes in North Palm Beach for $48 million from the Swedish model, Elin Nordegren. He also purchased a mansion in 2016 for $20 million. He still owns this home.

According to Forbes, Weiner sold Rockstar Energy to Pepsi for $3.9 billion in 2020. It is estimated that Weiner is worth $4.1 billion.

The sellers, David and Leila Centner, are also the owners of the Centner Academy that is located in the Mami Design District. Earlier this year, the Centner’s received approval from the Miami Beach Design Review Board for an addition on 5011 Pine Tree Drive.

This specific property was built in 1920 by one of the city’s founding families and was designed by architect Russell Pancoast. The approval itself was for a two-story home, relocating the current residence, and relocating the boathouse.

The properties total 3.5 acres each with 150+ water frontage on Indian Creek. The property located at 5111 Pine Tree Drive features 9 bedrooms and 8 bathrooms, with over 20,000 square feet of living space. This property features ‘old world’ charm with hand-crafted hardwood floors, vaulted ceilings, and a Mediterranean design throughout.

The second property located at 5011 Pine Tree Drive is just one property over from 5111. The estate features a 3-story main house, guest house, and 560 square feet of water frontage. This property features a large dock for mega-yachts and multiple vessels. This property previously sold in 2018 for $14.5 million.