Michael Dell’s firm lends $300M to Brickell office tower project
WeWork is leasing 10 floors with 146K sf
UPDATED, Aug. 1, 10:07 a.m.: Russian developer Vlad Doronin and his joint venture partner Cain International closed on the largest office construction loan in South Florida this year for a new tower in Brickell.
MSD Partners, the private investment firm of Dell Technologies billionaire Michael Dell, is the lender for the $300 million loan, according to a spokesperson for Doronin’s OKO Group. The South Florida Business Journal first reported the loan.
Construction is already underway on the 57-story, 724-foot-tall tower planned for 888 Southeast Brickell Plaza in Miami. The project, known as 830 Brickell, was approved by the city earlier this year.
When it opens in the first quarter of 2022, it will be the first major office building built in the city’s urban core in the last decade.
Scott Wadler and Scott Aiese of JLL brokered the loan.
The tower, designed by Adrian Smith of Chicago-based Adrian Smith + Gordon Gill Architecture, will have about 15,000 square feet of retail space, 490,000 square feet of office space, and a restaurant on the 53rd floor. It is across the street from Brickell City Centre.
WeWork will occupy 10 floors spanning 146,000 square feet at 830 Brickell, where WeWork already operates a co-working site. The new space will be WeWork’s second largest in the Southeast and could be the largest in Florida. The building will be the second tallest office tower in Greater Downtown Miami, preceded by the 765-foot-tall Southeast Financial Center that Hines developed at 200 South Biscayne Boulevard in the early 1980s.
Earlier in July, Deutsche Bank’s RREEF sold 800 Brickell to Gatsby Enterprises for $125.5 million.