The Real Deal Miami

After selling Miami HQ, Northern Trust plans move to Brickell World Plaza

The holding company's Miami operations will move into a 64,000-sf lease
July 16, 2013 01:00PM


600 Brickell Ave.

Northern Trust Corp. will relocate to 600 Brickell Ave. after selling its Miami headquarters across the street to Swire Properties, developer of the nearby Brickell CityCentre, Business Wire reported.

Swire won the office building at auction last week for $64.1 million, as The Real Deal previously reported.

Northern Trust expects to recognize a pre-tax gain in the third quarter of 2013 of approximately $30 million on the sale of its interests in this property, Business Wire said.

The Chicago-based holding company with $5 trillion in assets will move across the street from its old headquarters into 64,000 square feet of space at Brickell World Plaza, 600 Brickell Ave.

“Our move to a more modern space, where we will have outstanding skyline and plaza signage, supports our regional growth strategy,” John Fumagalli, head of Northern Trust’s Florida operations, was quoted as saying.

The move is scheduled to take place by the end of 2013, the press release wire said. [Business Wire] — Emily Schmall