The Real Deal Miami

Rockpoint Group nabs $109M mortgage for 1221 Brickell

The private equity firm paid $155M for the office tower in April
By Ina Cordle | June 29, 2017 08:45AM

1221 Brickell

Rockpoint Group just took out a $109.2 million mortgage on 1221 Brickell, the Miami office tower it bought two months ago, records show.

Rockpoint’s 1221 Brickell LLC received the loan from New York-based Metropolitan Life Insurance Company.

Rockpoint paid $155 million for the 27-story building in Miami’s financial district in April. The office tower was built in 1986 and has more than 408,000 square feet of Class A office space, according to its website.

JLL  handles leasing for the tower. Tenants include Delta National Bank & Trust Company, the law firm Allen, Dyer, Doppelt, Milbraith & Gilchrist and American Capital Corp. Ground floor restaurant tenants include Vapiano, Jimmy John’s Famous Sandwiches and Giardano Gourmet Salads.

Boston-based Rockpoint has been active in South Florida in recent months. In April, the private equity firm paid $87 million for a multifamily complex in Pembroke Pines.

Rockpoint also owns other commercial properties in Brickell and in South Beach. In 2015, it paid $113.5 million for Mary Brickell Village and $30 million for a retail building on Lincoln Road. In September, the firm bought the Aloft South Beach for $105 million, and in September, it sold a Key West apartment complex with Mast Capital for nearly $57 million. Rockpoint is also a partner on the Residences by Armani/Casa project in Sunny Isles Beach, which is being developed by Related and Dezer Development.