The Melo Group Acquires Lot Adjacent To Brickell City Centre From Swire Properties For $211.5 Million In All Cash Deal

The Melo Group has acquired 2.83 acres of premium land from Swire Properties at 700-799 Brickell Avenue, strategically located next to Brickell City Centre, Miami’s premier shopping and culinary destination. The acquisition, valued at $211.5 million with the potential to increase to $221.5 million, was completed as an all cash deal. This acquisition places The Melo Group in a strategic position with unique and irreplaceable land next to Brickell City Centre which was previously the site for Swire Properties and Related Companies proposed One Brickell City Centre supertall office tower.

“This transaction was executed between both companies with remarkable collaboration and precision. We extend our sincere gratitude to Swire Properties, its president, Henry Bott, and the entire team for their professionalism and collaboration in ensuring a seamless process,” said Martin Melo, Principal at The Melo Group. “We are pleased to have secured such a significant property and look forward to unlocking its full potential in the heart of Brickell.”

The Melo Group is currently building waterfront dual tower Aria Reserve, a luxury enclave in the popular Edgewater neighborhood in Miami, and Downtown 6, a rental community in downtown Miami. They have built more over 8,000 units in the Downtown Miami area over the past 15 years.

“We have chosen this land in Miami’s urban core because we have witnessed its remarkable growth, continue to see its immense potential, and appreciate how vibrantly it has evolved into a cosmopolitan city.” Adds Carlos Melo, Principal at The Melo Group.

CBRE successfully marketed and facilitated the sale of the property on behalf of Swire Properties, with efforts led by Robert Given, Troy Ballard, Brad Capas, and James Quinn. "For a project of this scale and complexity, the buyers moved remarkably fast," said Given. "With their deep expertise in Miami, the Melo Group swiftly recognized the quality of the site and committed to an aggressive acquisition timeline."

Swire Properties and Related Companies Commence Demolition On Future Site of One Brickell City Centre Supertall Office Tower

Swire Properties Inc., the U.S. subsidiary of global developer Swire Properties Limited, and Related Companies, one of the most prominent privately-owned real estate firm in the United States, have officially commenced demolition on the site of the future One Brickell City Centre, an approximately 1,000-foot supertall tower that will be the tallest commercial building in Florida. Miami Mayor Francis X. Suarez, Henry Bott, the President of Swire Properties and Stephen M. Ross, the Chairman and Founder of Related Companies, were in attendance at the event today to celebrate moving forward with this premier office development that validates the tremendous strength of the Miami office market. As part of the program, one of the buildings currently on the site was partially demolished through a stunning display where multiple floors of glass and concrete were carved out of the structure.

One Brickell City Centre will feature 1.4 million total square feet of office space and the largest floorplates ever approved for a commercial office building by the City of Miami. Located in the heart of Miami’s financial district, at the corner of Brickell Avenue and SE 8th Street, it will overlook the Miami skyline offering 360-degree views of Biscayne Bay, Miami River, and Downtown Miami. One Brickell City Centre is the second phase of Brickell City Centre, a $1.05-billion, 4.9-million-square-foot, mixed‐use development that opened in 2016 and was developed by Swire Properties.

“This will be an iconic building that will reshape the Miami skyline, the third-largest skyline in America. It will attract the world’s best talent to Miami. Thank you to Related and Swire, who have doubled down with confidence in the future of our city,” said Miami Mayor Francis X. Suarez.

“One Brickell City Centre is a transformative development that sets the standard for the future of office buildings and showcases to the world’s leading companies that Miami is the new destination to call home. Swire Properties and Related Companies take great pride in collaborating on a truly innovative office development that features thoughtful design, cutting-edge technology and amenities and features that aren't available elsewhere in Miami’s office market,” said Henry Bott, President of Swire Properties Inc.

“Today marks an inflection point in the Miami office market as the workplace of yesterday is torn down to make way for future,” said Stephen M. Ross, Chairman and Founder of Related Companies. “One Brickell City Center combines the best-practices of luxury hospitality and wellness projects with the latest workplace insights to create the flexible, amenity-driven, lifestyle workspace that leading companies, many of them already Related tenants in other markets, are increasingly looking for to fuel collaboration, engagement and retention of top talent.”

Internationally renowned architecture firm Arquitectonica designed the building with the office of the future in mind, with features and amenities ideal for tenants in Miami’s fastest growing sectors including financial services and technology. One Brickell City Centre features thoughtfully envisioned and spacious floor plans, outdoor terraces on nearly every floor, column free interiors, numerous indoor/outdoor spaces for meetings and gatherings, and state-of-the-art technology features to meet the needs of the most discerning office tenants.

One Brickell City Centre marks the first time Swire Properties has collaborated with Related Companies. Both companies share a vision for creating vibrant neighborhoods that change the urban landscape with innovative developments that positively impact communities for generations to come.

Related Companies has extensive experience in Florida and has redeveloped Downtown West Palm into one of the nation’s fastest growing commercial, retail, culinary, art and tourism destinations. Related Southeast leads the market in Class AA office with 360 Rosemary, CityPlace Tower, Esperanté, Phillips Point and the forthcoming 1 Flagler, as well as the celebrated destinations of Rosemary Square, Hilton West Palm Beach, and RH West Palm. Swire Properties has spearheaded the transformation of Miami as well as Brickell’s history and skyline by instilling its core values of quality, integrity, originality and long-term focus to each of its developments, which include Brickell City Centre, the Mandarin Oriental Hotel, EAST Miami hotel and restaurants, as well as the entire island community of Brickell Key.

One Brickell City Centre is situated at the entrance to Brickell City Centre, which is LEED Gold Certified and includes: 500,000 square feet of shopping, culinary and entertainment offerings; the 352 key EAST Miami hotel; the condominium towers Reach & Rise; two additional office towers providing 260,000 square feet of space; the $30 million Climate Ribbon, which promotes sustainability through water conservation and energy efficiency; and a 2,600-space underground parking garage. It can be accessed directly from the I-95 at SW 8th and is in close proximity to many city transit options.

Other supertalls coming to Miami include Waldorf Astoria Hotel & Residences Miami which was recently issued the first vertical construction permit for a supertall in Florida. The tower is nearly sold-out and is being developed by PMG and Grey brook Realty Partners, Mohari Hospitality, S2 Development and global hospitality company Hilton (NYSE: HLT). Another is 888 Brickell, a luxury condo tower at 888 Brickell Avenue being developed by JDS Development which was previously branded as MAJOR in partnership with Major Food Group. Most recently billionaire hedge fund magnate Ken Griffin and his firm Citadel are planning a supertall bayfront mixed use office tower at 1201 Brickell Bay. Related Companies has also been quite active in the Palm Beach office market.

Related Companies and Swire Properties Reveal One Brickell City Centre Supertall Office Tower

Related Companies and Swire Properties have revealed plans for One Brickell City Centre, a new supertall office tower which will be adjoined to Brickell City Centre. Construction is expected to start in 2023 and the tower will be the tallest commercial tower in Florida upon completion. One Brickell City Centre is designed by Arquitectonica and will offer 1.6 million SF of office space as well as the largest floor plates for a Class A office tower in Miami.

The tower will be located at 700 Brickell Avenue and 799 Brickell Plaza and will be connected to Brickell City Centre, which features over 500,000 SF of shopping, dining and entertainment and was developed by Swire Properties. The announcement signifies strength and growth in the Miami office market as the city continues to attract top technology and finance companies from high-tax states such as California and New York.

Other supertalls coming to Miami include Waldorf Astoria Hotel & Residences Miami which was recently issued the first vertical construction permit for a supertall in Florida. The tower is nearly sold-out and is being developed by PMG and Grey brook Realty Partners, Mohari Hospitality, S2 Development and global hospitality company Hilton (NYSE: HLT). Another is MAJOR, a Major Food Group-branded luxury condo tower at 888 Brickell Avenue being developed by JDS Development and Major Food Group and Related Companies has also been quite active in the Palm Beach office market.

Swire Properties Announces One Brickell City Centre, Miami Office Space Market Gaining Steam

Despite all of the new development that Miami is currently experiencing, the rising population and the city's ability to attract new companies has put a strain on the supply of office space according to Guy Bradley, CEO of Swire Properties. Enter the next phase of Swire Properties's Brickell City Centre initiative, One Brickell City Centre, which is slated to break ground in 2018 and take advantage of an office market that is gaining steam. One Brickell City Centre will rise 1,049 ft, covering 80 floors, making it the tallest building in the Southeastern United States. The building is designed by Arquitectonica. Over 50% of the proposed project will be office space. On the same earnings call, Bradley touted the success of Brickell City Centre's retail portion, which is over 91% leased. This comes at a time when Swire Properties has seen condo sales in Brickell City Centre's Rise and Reach buildings come to a grinding halt, with just 4 units going under contract since mid-February.