Monarch and Tourmaline List 801 Brickell at $400M-Plus

Monarch Alternative Capital and Tourmaline Capital Partners have put 801 Brickell, a 28-story office tower in Miami’s financial district, on the market at more than $400 million. Eastdil Secured Savills is running the sale, according to The Real Deal and Bloomberg-sourced coverage. They bought it three years ago.

Why it matters

An ask above $400 million would be the highest price recorded for a Brickell building, according to the coverage. The last benchmark was the roughly $250 million the two firms paid Nuveen Real Estate in 2023, itself called the largest Miami office sale at the time.

The pitch is simple. Reporting says in-place rents sit roughly 40% below the neighborhood’s asking rates, and the owners refreshed the lobby, common areas and amenities after buying. Brickell has drawn finance tenants including Apollo, KKR and Thoma Bravo.

The numbers

The move: $250 million in 2023, more than $400 million now. That is a gain of at least $150 million, or 60%, before costs.

Square footage is left out on purpose: a September 2025 Commercial Observer report lists 694,863 square feet while listing coverage cites 437,000, so a per-foot comparison is not reliable until the building size is confirmed.

The owners also took on more debt along the way. In September 2025, Goldman Sachs and Wells Fargo provided a $229 million refinancing, up $80.4 million from a 2023 loan, replacing $148.6 million of prior outstanding debt. At the ask, that loan would be paid off with roughly $170 million or more left over before fees.

What’s next

The test is whether a buyer will pay that rent-upside story in a market where office pricing elsewhere has been weak. Bids will show how deep the pool is for trophy Brickell space.

Watch for a clerk-recorded deed and mortgage satisfaction if a deal closes. For more local deals, see South Florida.