{"id":1004722817,"date":"2024-07-24T12:06:42","date_gmt":"2024-07-24T20:06:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004722817"},"modified":"2025-02-24T01:58:01","modified_gmt":"2025-02-24T09:58:01","slug":"miamis-830-brickell-secures-565m-in-construction-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miamis-830-brickell-secures-565m-in-construction-financing\/","title":{"rendered":"Miami\u2019s 830 Brickell Secures $565M in Financing"},"content":{"rendered":"
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830 Brickell, which is set to open this fall. Image courtesy of OKO Group and Cain International<\/em><\/figcaption><\/figure><\/div>\n\n\n

OKO Group and Cain International have just closed on a $565 million permanent loan for 830 Brickell, a 57-story, 638,355-square-foot Class A+ tower being built in the Miami financial district. Provided by TYKO Capital, the new round of funding will pay off a combined $357 million construction loan<\/a> that was provided by MSD Partners in 2019. <\/p>\n\n\n\n

New York-based TYKO Capital, established in August of 2023, is a joint venture between investment banker Adi Chugh and Elliot Investment Management. Since its founding, the firm has provided funding for multifamily developments in Charlotte, N.C., as well as in Brooklyn, N.Y., and Manhattan\u2019s Chelsea neighborhood.<\/p>\n\n\n\n

Beatriz Azcuy, a co-managing partner at Sidley Austin LLP, provided legal counsel for 830 Brickell\u2019s owners. The law firm has also signed on<\/a> to lease 60,000 square feet across three floors at the tower.<\/p>\n\n\n\n

Goings-on at Brickell<\/h2>\n\n\n\n

The loan comes right as 830 Brickell, jointly developed by OKO Group and Cain International, is receiving its temporary certificate of occupancy. The project, the largest office development in the city, broke ground in 2020, topped out<\/a> in June of 2022 and is expected to fully open this fall. Architecture firm Adrian Smith + Gordon Gill designed the building, while Italy\u2019s Iosa Ghini Associati is designing the interiors. When completed, 830 will be the second-tallest office building in Miami, just 30 feet shorter than the Southeast Financial Center.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Miami Office Transactions Take Flight in Q1<\/a><\/p>\n\n\n\n

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Tenants that have signed on to lease at 830 Brickell include Kirkland & Ellis<\/a>, Microsoft<\/a>, AerCap<\/a>, Citadel, Santander Bank and Thoma Bravo<\/a>. Kirkland\u2019s lease was the largest of its kind to take place in 2022.<\/p>\n\n\n\n

For many of these firms, the spaces at 830 Brickell are their first in Miami.<\/p>\n\n\n\n

Ahead of its opening, 830 Brickell will offer floorplates ranging from 13,364 to 16,878 square feet, complete with column-free interiors and floor-to ceiling windows, according to CommercialEdge information. Amenities at the tower include an on-site restaurant and bar, fitness center, private conferencing facilities and ground-floor retail space. The building is in close proximity to the Brickell City Centre and Brickell Village, as well as local stops from Metrorail, Metromover and Brightline.<\/p>\n\n\n\n

Is this the future of the office sector?<\/h2>\n\n\n\n

Owed in part to its proximity to retail, residential and entertainment spaces, the Brickell area\u2019s office vacancy rate<\/a> is 4 percent, in comparison to downtown\u2019s 15.8 percent, according to CBRE Research.<\/p>\n\n\n\n

In a close second to 830 in height, Sterling Bay and Key International announced <\/a>the development of 848 Brickell, a 51-story tower that will span 750,000 square feet of office space, with 7,500 square feet of retail space on the ground floor.<\/p>\n","protected":false},"excerpt":{"rendered":"

When completed this fall, the building will be the city’s second-tallest office tower.<\/p>\n","protected":false},"author":3012,"featured_media":1004722818,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,37753,1492,21742,21747,32781],"tags":[47255,52413,52455,46619,52454],"class_list":["post-1004722817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-research-center-finance","category-miami","category-latest","category-office","category-southeast","tag-cain-international","tag-cbre-research","tag-msd-partners","tag-oko-group","tag-tyko-capital"],"acf":[],"yoast_head":"\nMiami\u2019s 830 Brickell Secures $565M in Financing - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The building, set to open this Fall, is the city's largest office development, and is its second largest all-office tower.\" \/>\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\/miamis-830-brickell-secures-565m-in-construction-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Miami\u2019s 830 Brickell Secures $565M in Financing\" \/>\n<meta property=\"og:description\" content=\"The building, set to open this Fall, is the city's largest office development, and is its second largest all-office tower.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/miamis-830-brickell-secures-565m-in-construction-financing\/\" \/>\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=\"2024-07-24T20:06:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-24T09:58:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/830Brickell-e1721849418967.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2001\" \/>\n\t<meta property=\"og:image:height\" content=\"1501\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\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\/miamis-830-brickell-secures-565m-in-construction-financing\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/miamis-830-brickell-secures-565m-in-construction-financing\/\",\"name\":\"Miami\u2019s 830 Brickell Secures $565M in Financing - 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