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Nuveen Real Estate has sold 701 Brickell, a 685,279-square-foot trophy office tower in Miami. Morning Calm Management and its partner acquired the Class AA asset for $443 million in an all-cash deal. JLL represented the seller and procured the buyer.
The deal marks the second-largest office transaction in Florida’s history. The largest was Ponte Gadea’s $540 million purchase of the Southeast Financial Center, a 1.2 million-square-foot trophy tower in Miami’s Central Business District. JLL brokered that 2016 transaction as well.