Swire Properties Sells Two Brickell City Centre Office Buildings For $163 Million Amid Pandemic
Swire Properties has sold Two Brickell City Centre and Three Brickell City Centre for a combined $163 million, $630 per square foot, amid the COVID-19 pandemic. Each Class A Office building is roughly 130,000 square feet with the pricing broken down by $80.3 million for Two Brickell City Centre and Three Brickell City Centre sold for $82.7 million.
Swire Properties has sold Two Brickell City Centre and Three Brickell City Centre for a combined $163 million, $630 per square foot, amid the COVID-19 pandemic. Each Class A Office building is roughly 130,000 square feet with the pricing broken down by $80.3 million for Two Brickell City Centre and Three Brickell City Centre sold for $82.7 million. The buyer was reportedly the Santa Monica-based Northwood Investors. Tenants of the office buildings include the law firm Akerman LLP, McKinsey & Company, and WeWork. The properties were first marketed for sale in January 2020.
Swire Properties plans to use the proceeds to fund future development, they have Brickell City Centre’s Phase 2 planned in partnership with Carlos Mattos to build a 100,000 SF expansion with a 54-story, 588-unit residential tower, and a 62-story, 384-unit residential tower with commercial space and additional parking.
Two Brickell City Centre and Three Brickell City Centre are located at 78 Southwest Seventh Street and 98 Southeast Seventh Street. Brickell City Centre was completed in 2016 and designed by Arquitectonica. The development features an opener shopping mall anchored by Saks Fifth Avenue, Casa Tua Cucina and CMX Theaters, the Rise and Reach condo towers and the East Hotel.
WeWork to Lease 65,000 SF of Office Space at Two Brickell City Centre
WeWork has announced that they will lease 65,000 SF of office space in Brickell City Centre. The lease could account to close to half of Swire Properties' 132,280 SF of the space at Two Brickell City Centre going to the highly-valued and controversial Coworking/ Shared Work Space pioneer, according to The Real Deal. Asking rents were around $53 SF. In 2015 WeWork opened an original Miami location on Lincoln Road then opened a second space with 850 desks on Lenox Ave. in Miami Beach. WeWork is currently valued around $16 billion and was founded in 2010 by Adam Neumann and Miguel McKelvey. Sources via TheRealDeal.
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