The owners of 801 Brickell, a 28-story office tower in Miami's Brickell district, are quietly exploring a sale that people familiar with the effort say could set a record price for the waterfront neighborhood. Tourmaline Capital Partners and Monarch Alternative Capital are working with Eastdil Secured and Savills to solicit potential buyers for the tower, which has long drawn global financial firms to its address.
A Tower Bought for $250 Million Now Back on the Market
As reported by Bloomberg, the effort to find buyers comes three years after Monarch and Tourmaline acquired the property. The two firms bought 801 Brickell from Nuveen Real Estate for about $250 million in October 2023, according to a release from Monarch Alternative Capital announcing the deal. At the time, the building was 92% leased, Cushman & Wakefield noted when it arranged the sale, with tenants including the U.S. Securities and Exchange Commission, Mastercard and Royal Bank of Canada.
Completed in 1984, the building spans roughly 695,000 square feet, with about 415,000 square feet of that space configured as offices, according to a report from The Real Deal on the original transaction. The 2023 purchase was, at the time, the largest South Florida office sale since Ken Griffin's Citadel paid $286.5 million for the 26-story tower at 1221 Brickell Avenue the year before, Commercial Observer reported.
Fresh Capital and New Tenants Since the 2023 Deal
Monarch and Tourmaline have continued investing in the property since taking ownership. The firms refinanced 801 Brickell last year with a $229 million loan from Goldman Sachs and Wells Fargo, Commercial Observer reported. The building also landed a notable new tenant: Galderma signed a 19,000-square-foot lease for a U.S. headquarters, taking the building's entire 22nd floor, according to the same outlet's coverage of the deal.
Brickell has been popular with global financial firms for years, and that demand has only intensified. Family offices, financial firms, technology companies and law firms — many new to the Miami-Dade market — are driving the bulk of demand at the top end of the market, per Commercial Observer's second-quarter 2026 report on the area.
A Market Running Hot Across Brickell and Miami-Dade
The numbers behind that demand are striking. Miami-Dade office leasing activity jumped to 1.3 million square feet in the second quarter of 2026, up nearly 45% year over year, while availability fell to 14.9% from 17.1% a year earlier, according to Commercial Observer. The average asking rent across the county climbed to $67.12 per square foot, a 7% increase from a year prior, the outlet reported.
Brickell itself commands a premium over that countywide average. Office asking rents in the neighborhood hit $79.7 per square foot in July, with a vacancy rate of just 7.3% across 9.6 million square feet of inventory, 96% of it Class A+/A space, according to data cited by the Miami Association of Realtors. Miami-Dade's office market recorded 96,877 square feet of positive absorption in the first quarter of the year, per a Colliers report, and Savills has described the broader Miami office landscape as increasingly defined by a limited supply of premium, lifestyle-oriented workplaces. Thirteen office projects totaling about 2.5 million square feet remained under construction across the Miami area as of July, Commercial Observer noted.
Recent Brickell Deals Set a High Bar
Other recent transactions in the corridor illustrate how far prices have climbed. 701 Brickell Avenue sold for $443 million in an all-cash deal between Nuveen Real Estate and Morning Calm Management, a price CoStar described as the second-highest ever paid for a Florida office property, equating to roughly $646 per square foot. That still trails the $540 million Southeast Financial Center sale in Miami back in 2016, according to Morning Calm's account of the market's history.
Leasing economics have also shifted sharply upward. Peter Thiel's family office signed an 18,158-square-foot lease at 830 Brickell earlier this year at $250 per square foot, which Commercial Observer described as Miami-Dade County's most expensive office lease. Whether 801 Brickell's owners can translate that kind of leasing momentum into a record sale price remains to be seen, as the current asking price, any prospective buyers and the status of negotiations have not been disclosed.
