- Elliott Investment Management is close to acquiring the 701 Brickell office tower in Miami for around $450M from Nuveen Real Estate.
- The recently renovated 1980s tower is in the sought-after Brickell district, home to finance and tech firms, and features tenants like Apollo Global and Bank of America.
- Elliott has been expanding its real estate investments, including backing major lending platforms and financing significant developments in the Brickell area.
Elliott Investment Management is nearing a $450M deal to purchase the 701 Brickell office tower in Miami’s Brickell neighborhood from Nuveen Real Estate.
The 26-story building, built in the 1980s and recently renovated, has become a prized property in an area that has seen surging demand from finance and tech companies relocating to South Florida.
Brickell Boom
Located in the heart of Miami’s financial district, 701 Brickell has tenants such as Apollo Global Management and Bank of America.
The surrounding neighborhood has drawn numerous firms aiming to enhance their South Florida presence, including Citadel, which is planning a new headquarters nearby.
As demand continues to rise, office space in Brickell is increasingly commanding rental rates comparable to Manhattan’s prime buildings.
Elliott’s Ambitions
Elliott’s latest acquisition is part of its growing focus on real estate. The firm has been actively involved in the sector, backing platforms like Tyko Capital, which recently issued a $565M loan to developers of 830 Brickell, another major project in the area.
