Swire Properties Inc, a Swire Properties subsidiary in the United States and one of South Florida’s leading international real estate developers, today announced the acquisition of 700 Brickell Avenue, a Miami property occupied by the Florida headquarters of Northern Trust Bank.
Swire Properties Inc paid over US$64 million for the 1.55 acre site, which is planned to be incorporated into Brickell CityCentre, the Company’s US$1 billion 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 centre, two residential towers, the lifestyle business hotel EAST, Miami, a wellness centre and Class-A offices.
Announcing the successful purchase, Stephen Owens, President of Swire Properties Inc, 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 property has generated considerable national and international interest on the part of potential buyers due to its prominent location and growing interest in Brickell as an area for investment and development.
“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 its landmark project.”