JLL, which handles property management for a number of assets in Nuveen Real Estate’s Southeast region office portfolio, is spearheading a multimillion-dollar renovation at three of its trophy office projects in Miami.
The capital improvements, which were underway and completed within the past 12 months, include digital, touchless features, new tenant amenities, building systems upgrades and other upscale renovations at 801 Brickell, 701 Brickell and Waterford Business District. The renovations represent a combined $55 million in investment across the three office properties.
Nuveen Real Estate is one of the largest investment managers in the world with $134 billion of assets under management, including 2.7 million square feet of Class A office space in South Florida. After working with Nuveen’s two Brickell assets in Miami, JLL was selected to provide property management services for Nuveen Real Estate and Allianz Real Estate’s current 1.65 million-square-foot Waterford Business District property portfolio.
“The capital improvement programs underway at assets in our South Florida portfolio are part of our long-term investment to further enhance the tenant experience and provide best-in-class services for the many businesses that occupy our premier office buildings,” said Charles Russo, senior director and Office Sector Southeast Regional head at Nuveen Real Estate.
“JLL has been a valuable partner as we complete these property enhancements, which will ensure our properties remain attractive for both existing tenants and new-to-market companies,” Russo added.
At 701 Brickell, a premier office tower in Miami’s Brickell Financial District, JLL is spearheading the building’s first major renovation. The remodel in progress at the 685,835-square-foot tower is led by Origin Construction and comprises a complete reimagination of the main lobby with modern design features and furniture, the addition of a full-service fitness center, installation of touchless entry points for tenants, and upgrades to the elevator port system to provide touchless access. As part of these capital improvements, an amenity floor was completed last year with a tenants-only lounge and state-of-the-art conference center facility.
Currently, 701 Brickell is home to a selection of high-profile tenants such as Holland & Knight, Kaseya, Expedia, and the Greater Miami Convention & Visitors Bureau. The building recently implemented a tenant-only mobile app powered by HqO, as well as a new website for existing and new-to-market tenants.
Nearby, at 801 Brickell, the capital improvements program underway includes a complete lobby enhancement, the addition of an amenity floor that will feature a state-of-the-art conference center, tenant lounge, and the building’s first-ever fitness center. Other upgrades being made include common area renovations, as well as HVAC system improvements. The office building totaling 411,613 square feet also has just launched a tenant experience mobile app powered by HqO that will keep tenants informed of renovation updates, virtual events, neighborhood offerings and promotions, and access to public transportation options.
Tenants also can electronically reserve the building’s conference rooms and submit work orders for their office spaces using the app. Among the tenants that call 801 Brickell home are MasterCard, U.S. Securities & Exchange Commission, Bessemer Trust, and the popular high-end restaurant Komodo Miami.
In the Waterford Business District, situated near the Miami International Airport, a renovation is in progress with some phases already completed in 2020. The remodel includes new landscaping features, upgrades to the restrooms and common areas, HVAC improvements, modernization of elevators and the addition of spec suites. The portfolio of properties that comprise Waterford Business District is owned by a joint venture between Nuveen Real Estate and Allianz Real Estate. As part of the renovation, the 1.65 million-square-foot district recently opened a new café, conference center, installed electric vehicle charging stations and placed new monument signage throughout the property.
Operational efficiencies have been implemented at the office buildings within the past 12 months to ensure the highest quality of services to existing and future tenants. Among the tenancy at the premier office district are Marriott International, Nicklaus Children’s Hospital and Subway.
“As more of the workforce returns to an office setting, updates such as touchless technology, tenant experience apps and outdoor spaces are valued by tenants who are already expressing their satisfaction with the completed renovation work,” said Amarjit “Marj” Bains, executive vice president at JLL. “As part of the significant investment Nuveen Real Estate is making in the capital improvements underway at 701 Brickell, 801 Brickell and Waterford Business District, we are delivering upgrades and new amenities that will benefit our current and future tenants for years to come.”