{"id":94184,"date":"2025-12-23T21:53:08","date_gmt":"2025-12-23T21:53:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/94184\/"},"modified":"2025-12-23T21:53:08","modified_gmt":"2025-12-23T21:53:08","slug":"oko-joins-oak-row-equities-to-close-record-520m-brickell-land-deal","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/94184\/","title":{"rendered":"OKO Joins Oak Row Equities To Close Record $520M Brickell Land Deal"},"content":{"rendered":"

After a year under contract for the largest land deal in South Florida history, Oak Row Equities<\/a>\u00a0found a partner and a lender to close on a Brickell waterfront assemblage for a record $520M.<\/p>\n

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\n The office tower at 1001 Brickell Bay Drive, part of an assemblage of sites acquired by Oak Row Equities\n <\/p>\n

The firm, led by Erik Rutter<\/a> and David Weitz,\u00a0brought in\u00a0OKO Group<\/a>\u00a0as a partner and landed a $464.5M acquisition and predevelopment loan from hedge fund-backed lender\u00a0Tyko Capital<\/a>\u00a0to\u00a0seal the deal just in time for the holidays, according to a release.<\/p>\n

The New York- and Miami-based Oak Row went under contract<\/a>\u00a0on Dec. 30, 2024, to buy the 4.25-acre site at 1001 and 1111 Brickell Bay Drive from Aimco. The Denver-based REIT\u00a0has since embarked on a\u00a0full liquidation.\u00a0<\/p>\n

\u201cClosing on Brickell Bay Drive is a historic moment for our growing firm \u2014 a milestone that speaks to the caliber of our team \u2014 and for the future of Miami,\u201d\u00a0 Rutter and Weitz said in a joint statement. \u201cWe are honored to partner with OKO Group to create a globally-coveted experience and new way of living that is singular to this once-in-a-lifetime waterfront site.\u201d<\/p>\n

The deal was originally scheduled to close in March following the payment of a $38M nonrefundable deposit, according to Aimco filings.\u00a0But as Oak Row worked to secure financing, it continued to push back the closing date \u2014 a July extension, with a $7M nonrefundable deposit, pushed the closing date to the fourth quarter.<\/p>\n

Oak Row spent a total of $50M to push the deal back to the last quarter of 2025, according to the release. It is now officially the priciest land deal in Miami history, surpassing the $365M billionaire Ken Griffin<\/a> paid in 2022 for the site of Citadel\u2019s future headquarters<\/a>. That deal is still pricier on a per-acre basis.<\/p>\n

\u201cWe were able to secure the deal based on an attractive structure that simultaneously met Aimco\u2019s needs, as well as Oak Row\u2019s, giving us time to design a best-in-class project prior to putting in significant capital,\u201d Oak Row Chief Operating Officer Adam Metzger<\/a>\u00a0told\u00a0Bisnow in February<\/a>.<\/p>\n

The sites are home to a 32-story office tower and a 31-story apartment building, which Aimco listed for $650M in March 2024, The Real Deal reported<\/a>.<\/p>\n

Oak Row plans to knock those down\u00a0and build an \u201cultra luxury destination that redefines the future of holistic living and leisure\u201d with branded luxury condos and a hotel on the site, according to a release. The site is zoned for more than 3M SF of development and a maximum tower height of 1,049 feet,\u00a0with 485 feet of Biscayne Bay frontage.\u00a0\u00a0<\/p>\n

It deepened its ties with OKO Group after the developer, led by Russian-born billionaire Vlad Doronin,\u00a0moved to a 25K SF office<\/a>\u00a0at Wynwood Plaza,\u00a0a mixed-use development with a 12-story office tower, 509 apartments and retail space that Oak Row\u00a0and L&L Holding Co. delivered in October.<\/p>\n

\u201cBrickell\u2019s final remaining waterfront site of this scale provides a rare opportunity to create an iconic mixed-use development that will set a new benchmark for design, wellness, and luxury hospitality in the United States,\u201d Doronin said in a statement.\u00a0\u00a0<\/p>\n

OKO Group\u00a0and Cain International developed the 830 Brickell trophy office tower, which\u00a0they refinanced for $600M<\/a>\u00a0in 2025.<\/p>\n

Denver-based Aimco announced in November it plans to sell off all<\/a> of its multifamily assets and close up shop. Last week,\u00a0it\u00a0entered into a contract<\/a> with LaTerra Capital Management and Respark Residential to sell a seven-property Chicago multifamily portfolio for $455M.<\/p>\n

This is the biggest South Florida splash yet for Oak Row, which\u00a0inked a 76K SF lease with\u00a0Amazon<\/a>\u00a0at Wynwood Plaza and broke ground on the\u00a038-story 2900 Terrace apartment building this year.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"After a year under contract for the largest land deal in South Florida history, Oak Row Equities\u00a0found a…\n","protected":false},"author":2,"featured_media":94185,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[35048,50174,1970,225,227,226,50175,50176],"class_list":["post-94184","post","type-post","status-publish","format-standard","has-post-thumbnail","category-hialeah","tag-aimco","tag-apartment-investment-management-co","tag-brickell","tag-hialeah","tag-hialeah-headlines","tag-hialeah-news","tag-oak-row-equities","tag-tyko-capital"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/94184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=94184"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/94184\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/94185"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=94184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=94184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=94184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}