The office tower at 830 Brickell Avenue has secured a $565 million mortgage ahead of its delivery, announced its developers OKO Group and Cain International, according to local press.
The firms obtained the long-term loan from Tyko Capital for the tower located in Miami’s financial district.
The permanent financing replaces a $357 million loan from MSD Partners, the investment fund backed by Michael Dell. The loan was originated for $300 million in 2019 and was increased to its final balance last July.
“830 Brickell is the first office building to be constructed in the area in over 10 years and brings a premium commercial offering to the heart of Miami’s financial district. A truly unique addition to Miami’s skyline, this iconic tower offers unparalleled accommodation to the world’s leading companies,” says the project description on its website.
The nearly 60,000 square meter tower, initially scheduled for delivery in 2022, became the city’s first trophy office tower in a decade and has been fully leased for over a year, reported local outlet Bisnow. They explain that Tyko is a joint venture between Surya Capital Partners CEO Adi Chugh and the hedge fund Elliott Investment Management, which relocated its headquarters to West Palm Beach in 2020.
The 57-story building began construction in 2020 and became a magnet during the pandemic for high-profile companies relocating from other states or opening branches in South Florida.
More than 90% of its tenants will open their first office in Miami, according to a statement, Bisnow adds.
In addition to Citadel, which recently subleased two floors to expand to eight floors, Microsoft signed a lease for 15,240 square meters in the tower in September 2021, nearly a year before Citadel announced it would relocate its headquarters from Chicago to Miami.
Santander Private Banking offices will also be installed, along with law firms such as Kirkland & Ellis, which occupied six floors before subleasing two to Citadel, and Winston & Strawn, which leased 35,000 square meters.
The venture capital firm Thoma Bravo, insurance brokerage Marsh, wealth management firm CI Financial, and New York financial firm A-Cap also have space in the tower.
