{"id":1004684977,"date":"2023-10-06T03:21:41","date_gmt":"2023-10-06T11:21:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004684977"},"modified":"2025-02-24T02:00:29","modified_gmt":"2025-02-24T10:00:29","slug":"monarch-jv-acquires-412-ksf-office-asset-in-miami","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/monarch-jv-acquires-412-ksf-office-asset-in-miami\/","title":{"rendered":"Monarch JV Acquires 412 KSF Office Asset in Miami"},"content":{"rendered":"
\"801<\/a>

The previous owner renovated 801 Brickell last year. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

A joint venture of Monarch Alternative Capital <\/strong>and Tourmaline Capital Partners <\/strong>has acquired 801 Brickell, a 412,000-square-foot office building in Miami.\u00a0Nuveen Real Estate\u00a0<\/strong>sold the property. The transaction is valued at around $250 million,\u00a0The Real Deal\u00a0<\/em>reported.<\/p>\n

Nuveen acquired the Class A office building in 2002 for $80.3 million, according to CommercialEdge data. The company also renovated the asset last year.<\/p>\n

Newmark <\/strong>Executive Vice Chairman Marcella Fasulo and Co-Head of U.S. Capital Markets Adam Spies, together with\u00a0Cushman & Wakefield<\/strong> Executive Managing Director Dominic Montazemi and Executive Vice Chair Mike Davis represented the seller in the transaction, according to The Real Deal<\/em>.<\/p>\n

The building at 801 Brickell Ave. rises 28 stories and encompasses 19,904-square-foot floorplates. It features a tenant center on the fifth floor, which includes a lounge, conference center and fitness center. The building also comprises more than 32,000 square feet of retail space.<\/p>\n

Tenants at the property include Mastercard, U.S. Securities and Exchange Commission and Royal Bank of Canada. According to Monarch, 801 Brickell is fully stabilized by several long-term commitments.<\/p>\n

The building is near the Brickell City Center shopping mall and the Eighth Street Light Rail Station, which provides public transit access. It is also less than a mile from Burlingame Island.<\/p>\n

Capitalizing on market dislocation<\/h2>\n

In prepared remarks, Monarch Managing Principal & Head of Real Estate Acquisitions Joshua Acheatel<\/span>, stated that this deal represents the company\u2019s strategy of taking advantage of market dislocation and negative national office sentiment by investing in overlooked high-quality properties. Last year, the firm partnered with Tourmaline<\/a>\u00a0to acquire a 906,459-square-foot office complex in Phoenix, in a deal valued at $385 million.<\/p>\n

As of August, Miami was the most expensive office market in the south, with an average listing rate of $46.14, registering a total vacancy rate of 11.6 percent, considerably below the national average of 17.5 percent, a recent CommercialEdge report<\/a> shows. Year-to-date through August, sales volume in the metro totaled $408 million at a $251 average price per square foot, the same source shows.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nuveen Real Estate reportedly sold the property for $250 million.<\/p>\n","protected":false},"author":3120,"featured_media":1004684978,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1492,21742,21747,32781],"tags":[32799,50999,43901],"class_list":["post-1004684977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-miami","category-latest","category-office","category-southeast","tag-cushman-wakefield","tag-newmark","tag-nuveen-real-estate"],"acf":[],"yoast_head":"\nMonarch JV Acquires 412 KSF Office Asset in Miami - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"A joint venture of Monarch Alternative Capital and Tourmaline Capital Partners acquired a 412,000-square-foot office building in Miami.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/monarch-jv-acquires-412-ksf-office-asset-in-miami\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Monarch JV Acquires 412 KSF Office Asset in Miami\" \/>\n<meta property=\"og:description\" content=\"A joint venture of Monarch Alternative Capital and Tourmaline Capital Partners acquired a 412,000-square-foot office building in Miami.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/monarch-jv-acquires-412-ksf-office-asset-in-miami\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-06T11:21:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-24T10:00:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/801-Brickell-e1696586199771.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Radu Corfus\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/monarch-jv-acquires-412-ksf-office-asset-in-miami\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/monarch-jv-acquires-412-ksf-office-asset-in-miami\/\",\"name\":\"Monarch JV Acquires 412 KSF Office Asset in Miami - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/monarch-jv-acquires-412-ksf-office-asset-in-miami\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/monarch-jv-acquires-412-ksf-office-asset-in-miami\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/801-Brickell-e1696586199771.jpg\",\"datePublished\":\"2023-10-06T11:21:41+00:00\",\"dateModified\":\"2025-02-24T10:00:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a04f9fc8d7ed936167c8786eb77e39c2\"},\"description\":\"A joint venture of Monarch Alternative Capital and Tourmaline Capital Partners acquired a 412,000-square-foot office building in Miami.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/monarch-jv-acquires-412-ksf-office-asset-in-miami\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/monarch-jv-acquires-412-ksf-office-asset-in-miami\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/monarch-jv-acquires-412-ksf-office-asset-in-miami\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/801-Brickell-e1696586199771.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/10\/801-Brickell-e1696586199771.jpg\",\"width\":640,\"height\":480,\"caption\":\"801 Brickell was renovated in 2022. 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