Gatsby Enterprises listed the office building at 800 Brickell Avenue for sale, a month after other investors sold a nearby tower for a record $250 million.
A buyer could take advantage of 800 Brickell’s development opportunities, according to marketing materials. The site includes the 209,000-square-foot office building and an adjacent nine-story garage that could be developed into an 80-story tower.
New York-based Gatsby tapped Avison Young to sell the property, listing brokers Michael Fay, John Crotty and Brian de la Fé confirmed.
Gatsby, a real estate firm led by principal Nader Shalom, and Master Mind LLC, led by Babak Ebrahimzadeh, paid $125.5 million for the 2-acre property in 2019. It’s about 92 percent leased. Gatsby did not immediately respond to a request for comment. Ebrahimzadeh declined to comment.
The property is on the market unpriced. A call for offers is set for mid-December, Fay said. He called the site a “gateway location,” which is across the street from the 801 Brickell Avenue office tower, and near Swire Properties’ and Related Companies’ planned office skyscraper. It’s also near 830 Brickell, an office tower under construction that Vlad Doronin’s OKO Group and Cain International are developing.
Monarch Alternative Capital and Tourmaline Capital Partners acquired 801 Brickell for $250 million in late September, marking the most expensive office building to sell in South Florida this year.
The property at 800 Brickell Avenue could sell for more than that because of its zoning, a source said. The site fronts Southwest Eighth Street, which connects to Brickell Key, and Brickell Avenue. It’s zoned T6-48a-O, which allows for 48 stories and up to 80 stories with public benefit bonuses, according to marketing materials for the listing. With bonuses, a developer could build more than 1.2 million square feet, 980 residential units or 1,960 hotel rooms. Without bonuses, about 500 units could be built. A buyer could continue to operate the office building while building a new highrise on the site.
The existing office building was completed in 1981, according to property records.
Brickell has attracted an influx of new-to-market tenants since the pandemic, and the financial district has been less affected by issues plaguing other top office markets in the country. Still, office investment sales have slowed, in part due to high interest rates that have made financing more expensive.
In the past year, Class A office rents at new and some renovated buildings in Brickell have topped well over $100 per square foot.
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