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STRUCTURED PRODUCTS | Staff Reporter, Hong Kong

Swire Properties splurged US$64m in Miami property

It's a 1.55 acre site.

In a release, Swire Properties Inc announced the acquisition of 700 Brickell Avenue, a Miami property occupied by the Florida headquarters of Northern Trust Bank.

Swire Properties Inc paid over US$64 million for the 1.55 acre site, which is planned to be incorporated into Brickell CityCentre, the Company’s US$1 billion mixed-use development.

Phase one of the project is currently under construction in the heart of Miami’s Brickell district, and will include a luxury shopping centre, two residential towers, the lifestyle business hotel EAST, Miami, a wellness centre and Class-A offices.

Announcing the successful purchase, Stephen Owens, President of Swire Properties Inc, said,

“700 Brickell Avenue has a rich civic and corporate history through association with the Brickell family and Northern Trust. We look forward to building on that tradition.

The site is of great strategic importance for the development of Brickell CityCentre because it provides the project with a critical front door onto Miami’s most significant boulevard.”

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