Michael Dell’s firm lends $300M to Brickell office tower project

WeWork is leasing 10 floors with 146K sf

Miami /
Jul.July 31, 2019 02:30 PM
Vlad Doronin, a rendering of 830 Brickell, and Michael Dell

Vlad Doronin, a rendering of 830 Brickell, and Michael Dell

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.


Related Articles

arrow_forward_ios
Nuveen Real Estate's Mike Sales with the Waterford Business District
Lease roundup: Nuveen, Allianz ink 6 new tenants at Waterford Biz District
Lease roundup: Nuveen, Allianz ink 6 new tenants at Waterford Biz District
501 East Las Olas Boulevard in Fort Lauderdale, FL with CP Group’s Partner Chris Eachus and Managing Partner Angelo Bianco and Macquarie’s CEO Shemara Wikramanayake (Google Maps, CP Group, Macquarie, Getty)
Related Fund Management, CP flip portion of Las Olas Square
Related Fund Management, CP flip portion of Las Olas Square
1201 Brickell Bay Drive, Citadel's Ken Griffin and 830 Brickell office tower in Miami (Google Maps, OKO Group and Cain International, Illustration by Priyanka Modi for The Real Deal with Getty)
Mapping out Ken Griffin’s Miami shopping spree
Mapping out Ken Griffin’s Miami shopping spree
Ken Griffin and 1250 Brickell Bay Drive in Miami (Getty Images, Google Maps)
Ken Griffin’s Brickell takeover: Citadel adds to its properties with $20M purchase
Ken Griffin’s Brickell takeover: Citadel adds to its properties with $20M purchase
Rendering of 830 Brickell office tower; Cushman & Wakefield's Brian Gale, JLL's Manny De Zárraga, Avison Young's Donna Abood, Dwntwn Realty Advisors' Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)
Meet the commercial brokers making bank in Miami
Meet the commercial brokers making bank in Miami
Brick & Timber's Jesse Feldman and Glenn Gilmore, Tricera Capital's Ben Mandell, and Lndmrk Development's Alex Karakhanian with Cube Wynwd (Brick & Timber, LinkedIn, Tricera, Lndmrk Development, Getty Images)
Brick & Timber to buy Cube Wynwd office building for $60M
Brick & Timber to buy Cube Wynwd office building for $60M
Ken Griffin in the center, with Brickell (right) and Palm Beach (below)
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
Brand Atlantic Real Estate Partners managing partners Andrew Dance and Adam Demark, and renderings of the two buildings at 300 Banyan Boulevard and 111 Olive Avenue (Brand Atlantic Real Estate, Getty)
JV scores $87M construction loan for West Palm Beach office projects
JV scores $87M construction loan for West Palm Beach office projects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...