Swire Properties Inc, one of South Florida’s leading international developers of real estate, today announced the acquisition of 700 Brickell Avenue, a property long occupied by the Florida headquarters of Northern Trust Bank.
The company paid just over $64 million for the 1.55 acre site which is planned to be incorporated into the one billion dollar Brickell CityCentre mixed-use development. Phase one of the project is currently under construction in the heart of Miami’s Brickell district and will include a luxury shopping center, two residential towers, EAST, Miami by Swire Hotels, wellness center and Class-A offices.
In announcing the successful purchase, Swire Properties president Stephen L. Owens said, “700 Brickell Avenue has a rich civic and corporate history through association with the Brickell family and Northern Trust. We look forward to building on that tradition. The site is of great strategic importance for the development of Brickell CityCentre because it provides the project with a critical front door onto Miami’s most significant boulevard.”
The sellers of the property were The Northern Trust Company and the Co-Trustees of the Marjorie O. Brickell Revocable Trust, represented by Steelbridge Real Estate Services and CBRE, Inc. who jointly marketed the site. The offering generated considerable national and international interest on the part of potential buyers due to the prominence of the site and rising interest in Brickell development opportunities.
“While Northern Trust has enjoyed many years of success at this pioneering location, we are energized about the move to our new Florida headquarters at 600 Brickell at Brickell World Plaza where we will be the anchor tenant and also operate a branch on the ground floor,” said John Fumagalli, head of Northern Trust in Florida. “We feel very comfortable too that 700 Brickell will retain its significant place in Miami as Swire Properties incorporates it into their landmark project.”
About Swire Properties
Swire Properties, established in Miami since 1979, is one of South Florida’s leading international developers of urban office, hotel and condo real estate. Known for its $1 billion master‐planned development of Brickell Key along the Miami River in downtown Miami, Swire continues to shape the Miami skyline with its latest project, Brickell CityCentre, a landmark $1.05 billion mixed‐use development comprising a gross floor area of 5.4 million square feet including office, residential, hotel, retail and entertainment space and underground parking. The Company is a wholly-owned subsidiary of the publicly-listed Swire Properties Limited based in Hong Kong.
MIAMI | July 15, 2013