(Bloomberg) -- Nuveen Real Estate is seeking to sell a Miami office building located in the heart of the Brickell neighborhood with tenants including Bank of America Corp. and Apollo Global Management Inc.

The firm has hired Jones Lang LaSalle Inc. to seek buyers for 701 Brickell, a property that’s expected to fetch more than $500 million, according to the brokerage. The building, built in 1986 but renovated since 2021, also has offices for BlackRock Inc. and Point72 Asset Management.

The Brickell neighborhood has boomed as a key spot for companies building out a South Florida presence. Firms including Thoma Bravo and JPMorgan Chase & Co. have leased offices in the area. Nuveen’s tower is located near a waterfront site that Citadel acquired in 2022 to build its corporate headquarters.

Office owners in the US have struggled as vacancies rise with the boom in remote work. Borrowing costs have also climbed, putting pressure on valuations. But newer or renovated buildings have remained in high demand. 

Miami’s office market has outperformed other spots in the US after the pandemic, as a surge of tech and finance firms relocated or opened outposts in the area, JLL said.

Read more: Apple Targets New Miami Office Space Following Amazon, Microsoft

Nuveen has spent more than $30 million renovating the Miami tower since 2021. The nearly 700,000-square-foot (65,000-square-meters) office building has more than 90% occupancy and high rent growth, according to JLL.

©2024 Bloomberg L.P.