Sterling Bay, Key International to Develop Miami Office Tower
Plans call for a 51-story Class A skyscraper in the city’s hot Brickell submarket.
Sterling Bay, a national real estate development firm known for building creative office and mixed-use projects, is teaming up with Key International to develop 848 Brickell, a 51-story Class A tower proposed for downtown Miami’s Brickell submarket. JLL has been tapped to lease the project.
Andy Gloor, Sterling Bay CEO, said in a prepared statement, Miami is the nation’s new epicenter for commercial growth. He called Brickell, located in the city’s growing financial district, the hottest submarket in the country right now for commercial office development.
Subject to zoning approval by Miami-Dade County, the tower will have more than 750,000 square feet of Class A office, curated ground-floor retail space totaling 7,500 square feet and on-site parking facilities for more than 1,000 vehicles. The project is being designed by Skidmore, Owings & Merrill and is aimed at the evolving needs of modern businesses and professionals. The building will feature hospitality-inspired workplace amenities including on-site, tech-enable conference facilities, a luxury fitness center, expansive outdoor terrace, as well as lifestyle amenities like padel tennis courts—a mix between tennis and squash—and private open-air lounges.
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The location will offer tenants ocean and Brickell Avenue views and quick access to the neighborhood’s dining, retail and entertainment destinations.
Creative office experience
Diego Ardid, co-president at Key International, a global real estate development and investment firm with more than $8 billion in diversified real estate transactions since its 1970 founding, said the firm strategically selected Sterling Bay as its co-developer because of the company’s expertise in creating world-class offices. The new office tower will replace Key’s 13-story headquarters at the current 848 Brickell Ave. location. Key International has a strong presence in Florida, Spain and Portugal. The firm has developed more than 10 million square feet of commercial real estate including more than 6,000 residential units and more than 3,300 hotel guestrooms such as the Eden Roc Resort Miami Beach and the Marriott Stanton Hotel South Beach.
Chicago-based Sterling Bay, which manages a portfolio exceeding $20 billion in real estate assets across the creative office, industrial, residential and life science sectors, has constructed spaces for major corporations like Google, McDonald’s and Dyson. In 2019, Sterling Bay completed its first Miami office development, 545wyn, which marked Wynwood’s first-ever Class A office building, sparking a boom in Wynwood’s commercial activity, and bringing major tenants to the submarket, including Sony Music, PwC, MIAX, Gensler and Slalom.
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