Citadel Spent Up To $650M Buying Brickell Properties Since April: Report

Ken Griffin’s Citadel has spent up to $650 million since April buying properties in Brickell, according to Bloomberg.

Citadel was behind the $363 million purchase of 1201 Brickell Bay Drive in April, the news outlet reported, citing people familiar with the matter who asked not to be identified.

In addition, Citadel may be behind the purchase of a 28-story office tower at 1221 Brickell Avenue, the sources said. That sale closed this month for $286.5 million.

The buyers behind the properties are LLCs with unidentified ownership, but the authorized signatory on both entities is the same person.

In addition, witnesses on the 1221 Brickell filing are said to be employees of Sterling Bay, which Citadel is working with on new office space.

Before the two purchases, Citadel had reportedly been look for 200,000 to 300,000 square feet of office space.

The seller of 1201 Brickell Bay Drive was an affiliate of Florida East Coast Realty.

FECR’s Jerome Hollo told the website that he did not know who the buyer was. Hollo said his company had been excited to develop the property, but could not refuse such a high offer.

 

 

Glass office building on the left is 1221 Brickell. The vacant lot on the right is 1201 Brickell Bay Drive:

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Anonymous
1 month ago

Haha…

Hollo said his company had been excited to develop the property, or, that’s what we implied years ago. But after bullshitting the people of this city for so long, it is now obvious that we were just land banking and so, we could not refuse such a high offer.

Anonymous
1 month ago

Well at least he built Panorama, unlike another certain land banker.

Anonymous
1 month ago

He missed the boat on one biscayne…should’ve started that right after panorama

MiamiRob
1 month ago

Maybe Citadel will buy that too and finally build a Supertall at One Biscayne Plaza and raze that puny 13 story building with the Ross store !

Checo
1 month ago

Yes, Panorama, The Club Residents at Brickell Bay, the Opera Tower, the Omni Mall, The Grand, etc. etc. etc.

An immigrant who came to Miami before nearly anyone on this site has been born, and created more jobs that anyone on this site could ever hope to create, and provided more value and goodness to his community than nearly any other living developer in Miami.

Congratulations on another smart real estate deal.

Checo
1 month ago

What?
Having known and worked with the Holo family for years, they buy, they sell, they develop, they buy, and they sell some more.

“Bullshiting the people”???

Oh….did “WE NEED” something and expect someone richer/smarter/harder-working to give it to you??

Anonymous
1 month ago

Once again Checo puts on a cape and flies through the air and goes anywhere that takes him on his mission to defend the Uber rich.

lol…

Checo
1 month ago

Checo is a crusader for truth and justice!

He defends hard working people who make a difference in the world. People like Tibor Holo. He didn’t start rich, but he got rich by building structures and building people up.

All should crusade for goodness in people, and especially for goodness in themselves. Once that is complete, let’s but an end to the LOL’ing…..so 2000 and late.

Anonymous
1 month ago

Not necessarily. ^^ But, I don’t think people who are civic minded and love their community appreciate being lead on, either.

MiamiArchi
1 month ago

Interesting.
That small Condo between the office building they bought and the vacant lot they bought is in an interesting location all of a sudden….

Anonymous
1 month ago

Very interesting indeed!

Anonymous
1 month ago

Such a teensy little spec of a building. Appears to occupy about only a quarter of that parking lot. Does anyone know when that was built?

Checo
1 month ago

You are either referring to the Dr. Jackson (as in, Jackson Memorial Hospital Jackson) which is on the corner, or the Condo building.
Either way, that “parking lot” is really a 5 or 6 story parking structure and you are looking at the top. The parking pedestal is for 1221 Brickell and is clad with many different retailers.

Anonymous
1 month ago

Thanks for the info, Checo. I don’t live in Miami, but I do keep up with it. If you could tell me, were the pedestal and condo building contructed together, or was the condo portion later? And who are the retailers in the pedestal? Just curious.

Kas
1 month ago

Could they build a skybridge over the Dade Heritage Trust?

Anonymous
1 month ago

Loose change for Kenny G

Azarius
1 month ago

Need more big moves like this

We Ready
1 month ago

The storm is rolling in

Bob
1 month ago

Miami missed an opportunity to build as beautiful as its location. Sadly it failed. But there’s still some hope. But we must put emphasis on beautiful as much as practical. To offset some of the glass and concrete. I would try to create tropical canopies. Parts of south Brickell have it. Look how they dropped the ball on the underline. It looks like a high school gymnasium. All of the concrete pillars should have green plants so they resemble trees. Let’s give Miami a lush tropical vibe

A1AoceanClub
1 month ago

A1AOCEANCLUB support them

Joe Robbie
1 month ago

I wonder how many renderings did Hollo release before he threw in the towel?

Checo
1 month ago

If selling a property for $263 million that has a cost basis under $50m is “throwing in the towel”, then I really don’t know anything about real estate investing.

Ben
1 month ago

1201 Brickell Bay Drive is the existing CVS building, not the vacant lot in the photo.

Anonymous
1 month ago

No, the CVS Building is 1201 Brickell Avenue. The vacant lot is 1201 Brickell Bay Drive.

Anonymous
1 month ago

Isn’t CVS leaving or already left, and the building is being restored for a more respectable use?

Anonymous
1 month ago

Nope, the higher floors are being turned into short-term rentals/hotel. And the CVS is still there. More respectable use? CVS leaving? Where do you get your news?

Anonymous
1 month ago

That new pool is awful. Imagine lounging around staring into a CVS. Love that the building will be a hotel though.

Anon
1 month ago

you are a disgrace to ppl named Ben. try reading.