Todd Boehly's Firm Takes 830 Brickell Space Vacated By Failed Bank
The 27K SF that became available in 830 Brickell was snatched up before it even hit the market.
Private investment firm Eldridge — which owns Cain, co-developer and co-owner of 830 Brickell — is taking half a floor in Miami's highest-profile office building.
Cushman & Wakefield broker Andrew Trench, who is on the building's leasing team, disclosed the lease onstage at Bisnow's South Florida Office Summit event on Thursday. Trench declined to comment on the rent because it was an internal deal with ownership, but he said the price per SF was "three digits."
Eldridge, the investment company run by billionaire Todd Boehly, didn't respond to a request for comment. Cain declined to comment.
The firm plans to relocate to 8K SF in the tower from its existing Miami office a few blocks away, Bloomberg reported, citing a source familiar with the deal.
Cushman & Wakefield leads leasing for 830 Brickell, which has broken Miami office rent records several times over. Brazilian Banco Master SA in 2024 signed a then-record 27K SF lease for nearly $200 per SF and brought 830 Brickell to full occupancy.
But Brazil's central bank shut the company down in November, before it ever moved into 830 Brickell, putting untouched space up for grabs.
Last week, Peter Thiel, who co-founded Palantir Technologies and PayPal Holdings, snagged 18K SF on the 44th floor at a new record of $250 per SF for his family office.
There is still 4,500 SF left to lease in 830 Brickell, Trench said.
"That could be the first $300 space [in Miami]," he said onstage at Hotel Colonnade Coral Gables.
The $300-per-SF rent milestone has only been achieved in a handful of leases in Manhattan and in one deal in San Francisco.
OKO Group and Cain broke ground on the 724-foot-tall skyscraper at 830 Brickell Plaza before the pandemic. The 640K SF office then went on to reel in Citadel's headquarters and the offices of Thoma Bravo, Kirkland & Ellis and Microsoft.
It features a sky lobby, a gym and a private club with a $25K membership on the 54th and 55th floors.
It was the first trophy tower to break ground in Miami in a decade, making it the primary beneficiary of the pandemic-era corporate migration. And it has come a long way since.
The building was built after signing a prelease with WeWork, which committed to a 146K SF lease at $55 per SF in 2019, Trench said. But the company backed out in 2022, before filing for Chapter 11 bankruptcy in 2023.
The next deal signed was with Microsoft for $73 per SF, Trench said. The tech giant signed for 50K SF in 2021, with operations gearing toward Latin America. Software-focused private equity and growth investment firm Thoma Bravo topped that deal at $80 per SF, Trench said, for roughly 36K SF.
Before they knew it, deals were breaking triple digits.
"I called the broker to congratulate him [on the Thoma Bravo deal], and he's like, 'I'm nauseous. I did the highest rate in Miami.' And I just said, 'Give me six months. You're going to look like a hero,'" Trench said.
"That escalated to over $100 pretty quickly."
Class-A asking rents in Brickell hit $110 per SF in the first quarter, by far the priciest submarket in Miami, according to Cushman & Wakefield. But no new buildings have been developed since 830 Brickell — until April, when Banco Santander broke ground on a 50-story tower for its new HQ at 1401 Brickell Ave. It will occupy part of the 1.6M SF building and lease out the rest to other companies.
Citadel CEO Ken Griffin also plans to go vertical on a 1.7M SF Brickell office tower this year, a third of which will be occupied by his hedge fund's headquarters, Bisnow reported Thursday.
