Elliott buying Brickell office tower for $450M, as hedge fund amplifies its South Florida investments

9/25/2024

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The Real Deal

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• Subcategory: Office: CBD

• Tag: Proposed | Sale

• Additional Filters-Subcategory: Office: Highrise

• Company: Jones Lang LaSalle (NYSE: JLL), Nuveen

Paul Singer’s Elliott Investment Management is under contract to purchase the 701 Brickell office tower in Miami for about $450 million. The deal marks the New York-based hedge fund’s expanding investments in South Florida.

Elliott is buying the 33-story tower at 701 Brickell Avenue in Miami from New York-based Nuveen Real Estate, according to a source. Nuveen, a subsidiary of Teachers Insurance and Annuity Association of America, put the tower on the market in April with a target price of over $500 million.