Billionaire hedge funder Ken Griffin is continuous his Brickell buying binge, scooping up properties throughout the road from the event web site his Citadel purchased this spring.
Within the newest deal, an entity led by Citadel COO Gerald Beeson purchased the three-story, 12-unit condominium constructing at 1250 Brickell Bay Drive in Miami and the adjoining vacant lot at 1260 Brickell Bay Drive for $20 million, a deed reveals.
The vendor, Yamal Yidios’ actual property improvement and funding agency Ytech, flipped it for a significant revenue. It purchased the property for $11 million in July and bought it to Citadel’s affiliate for a $9 million achieve, information present.
The condominium constructing was constructed in 1958 on 0.1 acres, and the next-door lot is 1,300 sq. toes, in response to property information.
The location is throughout the road from the two.5 acres of land Citadel bought for a report $363 million in April, shortly after Griffin introduced Citadel and monetary providers agency Citadel Securities will transfer their headquarters to Miami’s Brickell Bay from Chicago.
The most recent deal marks Griffin’s takeover of Brickell, as Citadel additionally leased roughly 95,000 sq. toes beneath a long-term deal on the 830 Brickell tower beneath development. The area, in addition to Citadel’s growth of its workplaces on the Southeast Monetary Middle at 200 South Biscayne Boulevard in downtown Miami, can be an interim location for the corporate, sources advised The Actual Deal.
Citadel has retained Chicago-based Sterling Bay to construct the corporate’s new headquarters.
The hedge fund’s play on Brickell has additional kicked into high-gear the neighborhood’s workplace market.
Asking rents at 830 Brickell have hit $125 to $150 a sq. foot, a brand new excessive for Miami, brokers stated.
Some latest leases on the constructing, at 830 Brickell Plaza, have closed at $110 to $120 a sq. foot, with offers beneath negotiation for $130 a foot, sources advised TRD.
Vlad Doronin’s OKO Group and Jonathan Goldstein’s Cain Worldwide are creating the 55-story tower, slated for completion in six months.