1428 Brickell Avenue, Miami, FL
Net Rentable Area: 100,762 square feet
Asset Type: Office
1428 Brickell is sophisticated boutique mixed use building that consists of approximately 100,762 square feet of office and retail space. The building is located on a 50,000-square-foot site with 275 lf of direct frontage on Brickell Ave. This property is zoned for a mixed-use project of up to 80 stories and 825,000 square feet.
Ytech acquired this asset property in January 2017.
Referred to as the “Manhattan of the South”, Brickell has evolved into a major urban area in South Florida. Brickell Avenue is home to Miami’s financial district, with the largest concentration of financial institutions in the United States after Wall Street. Brickell is a leading submarket in Miami for high-quality space. This area is no longer home to a tenant base of exclusively law, business and banking institutions – tech firms and startups are now looking for space in Brickell, highlighted by recent move-ins by Uber, Expedia and Twitter.
There is a high occupancy rate in Brickell. An average annual four- and five-star absorption rates since 2011 ranks Brickell first among Miami submarkets at almost 215,000 square feet per year. Not only has tenant demand risen in the area, but tenants are also relocating to the area from nearby competitive submarkets, including Coral Gables and Downtown Miami.
This has been a landmark year for Brickell due to the delivery of Brickell City Centre. The new project by Swire Properties added more than 250,000 square feet of office space to the submarket in the first half of 2016.
Besides the beautiful skyscrapers, luxury condos and upscale apartment buildings, it may be surprising to some that Brickell also has a large number of parks, some of which are nature preserves. This includes Alice Wainwright Park (a nature preserve), Allen Morris Brickell Park, Brickell Key Park, Brickell Park, Miami Circle, Simpson Park (a nature preserve) and Southside Park.
Brickell’s financial hub has good accessibility from all points of Dade County. I-95 provides easy access to this neighborhood with an interchange at S.W. 7th/8th Streets to the west of the property. The east/west expressway, State Road 836, connects with I-95 to the east, and State Road 826 and the Florida Turnpike Extension connect to the west. It also provides direct access to the Miami International Airport.