Miami’s 830 Brickell Secures $565M in Construction Financing
OKO Group and Cain International have just closed on a $565 million refinancing loan for 830 Brickell, a 57-story, 638,355-square-foot Class A+ tower being built in the Miami financial district. Provided by TYKO Capital, the new round of funding will pay off a combined $357 million construction loan that was provided by MSD Partners in 2019.
New York based TYKO Capital, established in August of 2023, is a joint venture between investment banker Adi Chugh and Elliot Investment Management. Since its founding, the firm has provided funding for multifamily developments in Charlotte, N.C., as well as in Brooklyn and Manhattan’s Chelsea neighborhood.
Beatriz Azcuy, a co-managing partner at Sidley Austin LLP, provided legal counsel for 830 Brickell’s owners. The law firm has also signed on to lease 60,000 square feet across three floors at the tower.
Goings-on at Brickell
The loan comes right as 830 Brickell, jointly developed by OKO Group and Cain International, is receiving its temporary certificate of occupancy. The project, the largest office development in the city, broke ground in 2020, topped out in June of 2022 and is expected to fully open this fall. Architecture firm Adrian Smith + Gordon Gill designed the building, while Italy’s Iosa Ghini Associati is designing the interiors. When completed, 830 will be the second-tallest office building in Miami, just 30 feet shorter than the Southeast Financial Center.
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Tenants that have signed on to lease at 830 Brickell include Kirkland & Ellis, Microsoft, AerCap, Citadel, Santander Bank and Thoma Bravo. Kirkland’s lease was the largest of its kind to take place in 2022.
For many of these firms, the spaces at 830 Brickell are their first in Miami.
Ahead of its opening, 830 Brickell will over floor plates ranging from 13,364 to 16,878 square feet, complete with column-free interiors and floor-to ceiling windows, according to CommercialEdge information. Amenities at the tower include an on-site restaurant and bar, fitness center, private conferencing facilities and ground-floor retail space. The building is in close proximity to the Brickell City Centre and Brickell Village, as well as local stops from Metrorail, Metromover and Brightline.
Is this the future of the office sector?
Owed in part to its proximity to retail, residential and entertainment spaces, the Brickell area’s office vacancy rate is 4 percent, in comparison to downtown’s 15.8 percent, according to CBRE Research.
In a close second to 830 in height, Sterling Bay and Key International announced the development of 848 Brickell, a 51-story tower that will span 750,000 square feet of office space, with 7,500 square feet of retail space on the ground floor.
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