Paul Singer’s Elliott Investment Management is set to purchase the 701 Brickell office tower in Miami for approximately $450m, adding to the hedge fund firm’s growing portfolio of investments in South Florida, according to a report by Bloomberg.
The report cites an unnamed source familiar with the deal as revealing that the New York-based firm is acquiring the 33-storey tower from Nuveen Real Estate, a subsidiary of Teachers Insurance and Annuity Association of America (TIAA), which listed the property for sale in April, with an initial target price of over $500m. JLL, which has been handling the marketing of the property, declined to comment, as did both Elliott and Nuveen.
Originally completed in 1985, the 701 Brickell tower encompasses 687,000 square feet of office space and underwent renovations in 2021. The building is currently more than 90% leased, with tenants such as Holland & Knight, IT firm Kaseya, and Bank of America. Pura Vida also operates a restaurant within the property. TIAA originally purchased the tower in 2002 for $172m.
If Elliott finalises the $450m purchase, it would translate to roughly $657 per square foot for the office space.
Elliott, founded by Paul Singer in 1977, manages about $69.7bn in assets as of the end of June. The firm relocated its headquarters from New York to downtown West Palm Beach amid the broader trend of businesses moving to South Florida.
In addition to its real estate moves, Elliott supports Tyko Capital, a private equity and credit firm that recently provided a $565m loan for the 830 Brickell office tower and another $527m in construction financing for the St Regis Residences Miami condo tower, both located in Brickell.
