Miami Office Tower Goes Up for Sale for More Than $500 Million [BNN Bloomberg (Canada)]
Jones Lang LaSalle Incorporated (JLL)
Last jones lang lasalle incorporated earnings: 2/11 07:30 am
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Source: BNN Bloomberg
The firm has hired Jones Lang LaSalle Inc. to seek buyers for 701 Brickell, a property that's expected to fetch more than $500 million, according to the brokerage. The building, built in 1986 but renovated since 2021, also has offices for BlackRock Inc. and Point72 Asset Management. The Brickell neighborhood has boomed as a key spot for companies building out a South Florida presence. Firms including Thoma Bravo and JPMorgan Chase & Co. have leased offices in the area. Nuveen's tower is located near a waterfront site that Citadel acquired in 2022 to build its corporate headquarters. Office owners in the US have struggled as vacancies rise with the boom in remote work. Borrowing costs have also climbed, putting pressure on valuations. But newer or renovated buildings have remained in high demand. Miami's office market has outperformed other spots in the US after the pandemic, as a surge of tech and finance firms relocated or opened outposts in the area, JLL said. Read more: Ap
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News
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- JLL enhances data center capabilities with strategic acquisitionPR Newswire
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- Brookfield and other big-name funds pile into real estate debt as banks retreat [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- Scott Family Makes Largest Land Value Donation in Travis County History [Yahoo! Finance]Yahoo! Finance
JLL
Earnings
- 5/6/24 - Beat
JLL
Sec Filings
- 5/6/24 - Form 10-Q
- 5/6/24 - Form 8-K
- 5/1/24 - Form 8-K
- JLL's page on the SEC website