Swire sells Brickell City Centre office buildings for $163M

Akerman and WeWork are anchor tenants

Miami /
Jul.July 27, 2020 11:30 AM
Swire president Kieran Bowers and Brickell City Centre (Google Maps)

Swire president Kieran Bowers and Brickell City Centre (Google Maps)

Swire Properties sold two office buildings at Brickell City Centre for $163 million, marking the largest sale to close in South Florida during the pandemic.

Two Brickell City Centre and Three Brickell City Centre LLC, led by Swire Properties President Kieran Bowers sold the office portion of 78 Southwest Seventh Street and 98 Southeast Seventh Street in Miami to US VI 2 Brickell LLC and US VI 3 Brickell LLC, affiliates of Northwood Investors. Tenants include Akerman LLP and WeWork.

The combined $163 million purchase breaks down to $80.3 million for Two Brickell City Centre and $82.7 million for Three Brickell City Centre. Each building has about 130,000 square feet, which means they sold for roughly $630 per square foot.

In a statement, a spokesperson for Brickell City Centre said the buildings are nearly 100 percent occupied and that Swire plans to use the cash for future developments.

Few office buildings have traded during the coronavirus pandemic, in part due to the uncertainty surrounding the asset class.

Northwood, a Denver, Colorado-based investment adviser, had about $8 billion of assets under management as of December. That includes Cheeca Lodge & Spa in the Florida Keys and the mixed-use project under construction at 1177 Kane Concourse in Bay Harbor Islands.

Swire’s more than $1 billion Brickell City Centre development also includes the East Miami hotel, condo towers Reach and Rise, and the open-air shopping center anchored by Saks Fifth Avenue and the luxury movie theater CMX. Two and Three Brickell City Centre were completed in 2016. Arquitectonica was the lead architect.

Swire Properties is headquartered at Brickell City Centre, but the company is a subsidiary of Hong Kong-based Swire Properties Limited.

The developer has plans for a second phase of Brickell City Centre. In early 2019, Swire and businessman Carlos Mattos scored final approval for a 100,000-square-foot-plus expansion that would have a 54-story, 588-unit residential tower, another 62-story, 384-unit residential tower, commercial space and parking.

Write to Katherine Kallergis at [email protected]


Related Articles

arrow_forward_ios
ABS National Business Parks manager Gregg Schenker, Stiles CEO Kenneth Stiles and Garden Plaza in Palm Beach Gardens (CBRE, Stiles, ABS)
Stiles sells Palm Beach Gardens office complex for $31M
Stiles sells Palm Beach Gardens office complex for $31M
Midtown Capital Partners managing partner Alejandro Velez (Cushman & Wakefield, Midtown Capital)
Midtown Capital Partners buys Plantation office building for $78M
Midtown Capital Partners buys Plantation office building for $78M
6303 and 6505 Blue Lagoon Drive with RealOp Investments CEO Reggie Bell (Google Maps, LinkedIn)
RealOp Investments buys Waterford office complex for $110M
RealOp Investments buys Waterford office complex for $110M
Ben Mandell, Scott Sherman and Alex Karakhanian with Cube Wynwd (Tricera)
Tricera, Alex Karakhanian buy Redsky’s Cube Wynwd for $28M
Tricera, Alex Karakhanian buy Redsky’s Cube Wynwd for $28M
Alliance Consolidated executive Ben Reinberg and the Hallandale Beach medical office building (Alliance Consolidated Group of Companies)
Alliance Consolidated sells Hallandale Beach medical office building for $6M
Alliance Consolidated sells Hallandale Beach medical office building for $6M
Omicrom’s Dan Statlander with (clockwise from left) Fountains Center, Boardwalk @ 18th, Grove Centre and City National Park (Omicrom Development)
Here’s what tenants pay at this newly recapitalized Boca Raton mixed-use portfolio
Here’s what tenants pay at this newly recapitalized Boca Raton mixed-use portfolio
5875-5887 Sunset Drive in South Miami (Google Maps)
Capital Realty affiliate sells South Miami office and retail building for $5M
Capital Realty affiliate sells South Miami office and retail building for $5M
Clockwise from top left: 375 South County Road, 225 Worth Avenue, 220 Peruvian Avenue and 219 Worth Avenue (Google Maps) 
Burton Handelsman sells Palm Beach retail, offices for $58M
Burton Handelsman sells Palm Beach retail, offices for $58M
arrow_forward_ios

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

Loading...