Tourmaline Capital Partners and co-owner Monarch Alternative Capital have fetched $229 million to refinance 801 Brickell Avenue in Miami.
Goldman Sachs and Wells Fargo provided the financing for the office tower, according to a report from the Commercial Observer. Originally, in 2023, Monach and Tourmaline purchased 801 Brickell for $250 million.
The building, which stands 28 stories, features a major tenant roster, including Mastercard, Galderma and BNP Paribas. Plus, there's ground retail space, which includes Ludlow Coffee Supply and Asian-style restaurant Komodo, plus more to come, including PopUp Bagels and Cava, according to CO. Other amenities in the 694,863 square foot building include a fitness center and outdoor plaza space.
Overall, Miami's office market appears to be thriving thanks to high-quality assets leading the charge. Most notably, a second-quarter report from CBRE found that rents surged by 9.7 percent year-over-year to $64.36 per square foot, and the third straight quarter where rates went up by about $5 per square foot. While leasing slowed down to 280,000 square feet, 47 percent of the activity was located in either Brickell or Downtown Miami.
Also, Miami's office sector has seen some major deals in 2025. Aimco kicked off the year with a $520 million sale of 1001 Brickell Bay Drive and 1111 Brickell Bay Drive, which not only includes office space but also other assets like residential. At the time, it was set to be the largest land deal in the Magic City's history. Also, Amazon upped its lease to 75,000 square feet at the Wynwood Plaza mixed-use development. In July, co-developers L&L Holding Company and Oak Row Equities said the project was in the final stages of construction.
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