UPDATED Jun 27 10:13am: Rockpoint sold a Brickell office tower for $286.5 million, marking a record for South Florida office sales since 2016.
Boston-based Rockpoint sold the 28-story building at 1221 Brickell Avenue in Miami to a Delaware registered entity led by Randall Davis, which is recorded to have a Palm Beach address.
The deal follows another mystery company — also owned by Davis but listing a Chicago address — that bought the 2.5-acre vacant lot near 1201 Brickell Bay Drive for $363 million in April. A subsidiary of Florida East Coast Realty, run by Tibor Hollo and his family, sold this site.
The 1221 Brickell Class A Tower has 408,423 square feet of office and retail space, according to the property’s website. 1221 Brickell spans an entire block and features floor-to-ceiling windows. It was built in 1986 and renovated in 2020. It has a 2,000 square meter terrace; 12,000 square feet of amenities; and an attached nine-story garage.
Rockpoint, led by co-founders Keith Gelb and Bill Walton, paid $155 million for the property in 2017.
The 1221 Brickell trade comes as Ken Griffin’s hedge fund Citadel and financial services firm Citadel Securities announced they will be relocating their headquarters from Chicago to Miami, while retaining Sterling Bay to build the new corporate base. Sterling Bay is located in Chicago. The location for Citadel’s new Miami headquarters has not been announced.
Citadel is the latest financial firm to move to Miami, while others are expanding into the Sunshine State but keeping their headquarters elsewhere. Brickell captured some of that southbound movement.
Canadian asset management firm CI Financial will open its new US headquarters within OKO Group and Cain International’s planned 830 Brickell Tower, which is under construction.
In nearby downtown Miami, fintech FundKite will be relocating its headquarters from New York to Aby Rosen’s 100 Biscayne office tower.
Brickell is poised to see more office buildings as Swire Properties and Stephen Ross’ Related Companies partner to develop One Brickell City Center tower at 700 Brickell Avenue and 799 Brickell Plaza. At 1,000 feet, the building would be one of the tallest in the Sunshine State.
The 1221 Brickell office deal is the largest in South Florida since 2016, when Spanish billionaire Amancio Ortega paid $516.6 million for the Southeast Financial Center in downtown Miami.
It beats this year’s top purchase of $261.5 million for most of the Boca Center complex, which includes offices, retail and restaurants in Boca Raton.