Miami Office Project Secures $300M Loan
- Aug 12, 2019
JLL Capital Markets has facilitated a $300 million construction loan for 830 Brickell, a 1 million-square-foot office development in Miami’s financial district. Developed by a joint venture between OKO Group and Cain International, the project is expected to reach completion in the first quarter of 2022.
MSD Partners originated the financing and Adrian Smith + Gordon Gill is the architect. Located at 830 S.E. First Ave., the 56-story tower will feature more than 490,000 square feet of office space, ground-floor retail, a rooftop restaurant on level 53 and a total of 583 parking spaces.
The Class A project has already attracted attention, with WeWork signing a 146,000-square-foot lease across 10 floors in January. The coworking giant operates eight locations in Miami and its latest lease is expected to be the largest one in the area. Earlier this year, another shared space provider expanded its Brickell lease—Spaces increased its footprint at 801 Brickell, a 28-story office building just a 5-minute walk from the upcoming 830 Brickell.
The property will be the second-tallest building in Miami after Southeast Financial Center, the tallest and largest office tower in Florida. In June, WeWork signed on for 89,300 square feet lease at Southeast Financial Center.
A history of working together
The latest Miami development is OKO and Cain’s fourth time working together. The companies also partnered in developing the nearby 47-story residential tower dubbed Una Residences in South Brickell and Missoni Baia, a 57-story condo in Miami’s East Edgewater neighborhood. Cain International also secured more than $284 million in financing for Aman Group, a partner of OKO Group, for the construction of Aman New York, an 83-key hotel with 21 residences at the corner of Fifth Avenue and 57th Street in Manhattan.
The JLL team of Managing Director Scott Aiese, Senior Director Scott Wadler, Director Jesse Wright and Associate Alex Staikos represented the developers of 830 Brickell, while HFF originated the deal.