Swire Pays $64M for 700 Brickell Avenue

MIAMI—Swire Properties, the company behind the $1 billion Brickell CityCentre project in Miami, has acquired 700 Brickell for just over $64 million. The office building has been occupied by Northern Trust Bank's for many years.

Swire plans to incorporate 700 Brickell, which sits on a 1.55-cre site, into the Brickell CityCentre mixed-use development. Phase one of the project is currently under construction in the heart of Miami's Brickell district. The first phase will include a luxury shopping center, two residential towers, EAST, Miami by Swire Hotels, wellness center, and class A offices.

“700 Brickell Avenue has a rich civic and corporate history through association with the Brickell family and Northern Trust,” says Swire Properties president Stephen L. Owens. “We look forward to building on that tradition. The site is of great strategic importance for the development of Brickell CityCentre because it provides the project with a critical front door onto Miami's most significant boulevard.”

The Northern Trust Company and the co-trustees of the Marjorie O. Brickell Revocable Trust sold the asset to Swire. Northern Trust is about the move to its new Florida headquarters at 600 Brickell at Brickell World Plaza where it will be the anchor tenant and operate a branch on the ground floor.

Steelbridge Real Estate Services and CBRE, jointly marketed the site. The offering generated considerable national and international interest from investors. “Based on accelerating market fundamentals and the growing caché of the Brickell brand, as well as the international appetite for condos, hotels and offices in Miami, 700 Brickell represented a significant upside opportunity for a developer such as Swire to capitalize on Miami's most dynamic submarket,” Robert Given, vice chairman with CBRE's Multi-Housing Investment Properties group, tells GlobeSt.com.