Rockpoint sells 1221 Brickell office tower for $286.5 million
Rockpoint has sold a Brickell office tower for $286.5 million, marking a record for office deals in South Florida since 2016.
Boston-based Rockpoint sold the 28-story building at 1221 Brickell Avenue in Miami to a Delaware-registered entity headed by Randall Davis and listing an address in Palm Beach, records show.
The deal follows another mysterious entity – also headed by Davis, but listing an address in Chicago – buying the vacant 2.5-acre lot nearby at 1201 Brickell Bay Drive for $363 million in April. A subsidiary of Florida East Coast Realty, run by Tibor Hollo and his family, sold this site.
The 1221 Brickell Class A tower has 408,423 square feet of office and retail space, according to the property’s website. Spanning a full city block and featuring floor-to-ceiling windows, 1221 Brickell was built in 1986 and renovated in 2020. It features a 2,000 square foot terrace; 12,000 square feet of amenities; and an attached nine-story garage.
Rockpoint, led by co-founders Keith Gelb and Bill Walton, paid $155 million for the property in 2017.
The 1221 Brickell trade comes as Ken Griffin’s hedge fund and financial services firm Citadel announced it would be moving its headquarters to Miami from Chicago and retaining Sterling Bay to build the company’s new base. Sterling Bay is based in Chicago. The site of Citadel’s new Miami headquarters was not disclosed.
Citadel is the latest financial company to move to Miami, while others are expanding into the Sunshine State but keeping their headquarters elsewhere. Brickell captured some of this southward movement.
Canadian asset management company CI Financial will open its new US headquarters in OKO Group and the 830 Brickell tower planned by Cain International which is under construction.
In nearby Downtown Miami, fintech FundKite will move its New York headquarters to Aby Rosen’s 100 Biscayne office tower.
Brickell is set to see the construction of additional office space, as Swire Properties and related companies of Stephen Ross team up to develop Tower One Brickell City Center at 700 Brickell Avenue and 799 Brickell Plaza. At 1,000 feet, the building is said to be one of the tallest in the Sunshine State.
The 1221 Brickell office deal is South Florida’s largest since 2016, when Spanish billionaire Amancio Ortega paid $516.6 million for the southeast financial center in downtown Miami.
It tops this year’s previous purchase of $261.5 million for the majority of the Boca Center complex, which includes offices, retail and restaurants in Boca Raton.