E
lliott Investment Management, led by Paul Singer, has completed its purchase of the 33-story office tower at 701 Brickell Avenue for $443 million. This deal makes Elliott a major player in South Florida's active office market and is billed as the second-largest office transaction in state history. The joint venture between Elliott and Morning Calm Management acquired the property from Nuveen Real Estate, paying $644 per square foot for the 687,000-square-foot building.

    The tower, completed in 1985, is 90% occupied by tenants including Bank of America, law firm Holland & Knight, and Kaseya. In 2021, Nuveen invested $50 million in a renovation of the property, which was later put on the market for over $500 million in April. Elliott's purchase ranks behind the $540 million sale of Southeast Financial Center in downtown Miami in 2016.

    Elliott Investment Management manages approximately $69.7 billion in assets and is also backing Tyko Capital, a private equity firm that provided financing for an office skyscraper planned for Brickell. The deal marks a significant investment by Elliott in the South Florida market, following its move from New York to downtown West Palm Beach.