Swire Properties Inc., which won the bid for 700 Brickell Avenue, said it will incorporate the 1.55 acre site into its $1-billion Brickell CityCentre project.
Swire said it paid just over $64 million for the site, which is the Florida headquarters of Northern Trust Bank. Northern Trust is moving to 600 Brickell as its anchor tenant and will open a branch on the ground floor.
The sellers were Northern Trust Co. and co-trustees of the Marjorie O. Brickell Revocable Trust.
“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,” Swire president Stephen L. Owens said in a statement.
Swire is currently building phase one of the Brickell CityCentre, which ultimately will include a luxury shopping center, two condominium towers, and hotel and office space.