Swire Properties, one of South Florida's leading real estate developers, has confirmed the purchase of the highly prized 700 Brickell Ave. site for more than $64 million.
Business Journal reporters Brian Bandell and Oscar Pedro Musibay broke the story on the transaction on July 9, citing multiple sources who asked not to be named. A contract was signed after a series of bids from The Related Group, Fortune International and Swire pushed up the price on the 1.55-acre site, which gives Swire's Brickell CityCentre project access to Brickell Avenue for the first time.
"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," Swire Properties President Stephen L. Owens said in a statement.
The sellers of the property were Northern Trust Co. and the co-trustees of the Marjorie O. Brickell Revocable Trust, with Steelbridge Real Estate Services and CBRE jointly marketing the site.
"700 Brickell Avenue has a rich civic and corporate history through association with the Brickell family and Northern Trust," Owens said. "We look forward to building on that tradition."
"While Northern Trust has enjoyed many years of success at this pioneering location, we are energized about the move to our new Florida headquarters at 600 Brickell at Brickell World Plaza, where we will be the anchor tenant and also operate a branch on the ground floor," said John Fumagalli, head of Northern Trust in Florida, in a statement. "We feel very comfortable, too, that 700 Brickell will retain its significant place in Miami as Swire Properties incorporates it into their landmark project."
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