444 Brickell Acquired by Related Group for $100M
Nov 21, 2013 November 21, 2013
Jorge Perez's The Related Group has 444 Brickell Ave., home to Capital Grille, and the adjacent waterfront parcel that houses a federal agency under contract for about $100 million, according to several sources.
The four-acre site includes the offices of the U.S. Citizenship and Immigration Services, which is adjacent to 444 Brickell. The combined site is located on the Miami River, making it one of the most highly sought after properties in one of South Florida's hottest real estate sub-markets.
Although people in the real estate community know the 444 Brickell parcel and the adjacent parcel are one site, the four-acres have two separate addresses: 444 Brickell and 77 SE Fifth St.
It's no surprise Related would be the buyer because it built the 1,800-unit condo Icon Brickell directly to the east and across Brickell Avenue. Related is also the most prolific developer in the Brickell area, with several projects under construction or in the planning stages, including the SLS hotel and condo project.
The 444 Brickell deal is the second high-profile Brickell Avenue property to trade hands in the last four months, with Swire paying more than $64 million over the summer for 700 Brickell. Swire, which is building Brickell CityCentre, plans a high-rise tower for the 700 Brickell site.
Related provided no comment for this story.
Observers say that Related would build condos on the site, but a hotel component might also be in the plans, considering its other recent projects.