Miami’s One Brickell City Centre Scrapped Amid Lack of Preleasing

After failing to secure sufficient preleasing commitments, Swire Properties has officially pulled the plug on One Brickell City Centre, a planned 68-story office tower in Miami’s Brickell financial district.

According to CoStar, the developer has listed the 2.8-acre site for sale through CBRE, with proceeds expected to support the construction of Swire’s Residences at Mandarin Oriental on nearby Brickell Key.

Swire’s president, Henry Bott, cited a challenging office market as a key reason for the project’s cancellation, noting that demand had not materialized as expected.

What Was Planned?

The tower, announced in 2022 in partnership with Related Companies, was expected to reshape Miami’s skyline with:

• Nearly 1K feet in height, making it one of the tallest buildings in the city.
• 68 floors, with some of the largest office floorplates in Miami (40–60K SF).
• A prime location at 700 Brickell Ave. and 799 Brickell Plaza, adjacent to Brickell City Centre.

However, the expiration of Swire’s partnership with Related and rising office rents—up more than 100% in some projects—have contributed to slower leasing activity.

Miami’s Office Market Faces Challenges

Despite Miami’s boom as a business hub post-pandemic, corporate relocations have slowed. According to the Beacon Council, 45 companies expanded to Miami between 2023 and 2024, down from 57 companies in 2021–2022.

Juan Arias, CoStar’s director of market analytics for South Florida, noted that high office rents and interest rates have made it harder for speculative office projects to secure tenants.

Other Brickell Office Towers Moving Forward

While Swire’s project has stalled, other major office developments in Brickell remain on track:

• Citadel’s Headquarters Tower (1K feet, 1.3 MSF office, 212-room hotel) is set to break ground in 3Q25 at 1201 Brickell Bay Drive, backed by Ken Griffin and Related Companies.
• Santander Bank’s Office Tower (765 feet, 1.6 MSF) is moving forward at 1401 Brickell Ave., with demolition of the existing building already underway.

Meanwhile, Key International’s planned 51-story office tower at 848 Brickell remains uncertain, depending on interest rates and office-using employment trends.

What’s Next?

The fate of the One Brickell City Centre site now rests with CBRE, which has not disclosed pricing. The shift in Swire’s strategy reflects broader trends in Miami’s office market, where branded luxury residences remain more attractive than speculative office developments.

With Citadel and Santander still betting on Brickell’s future, Miami’s skyline is set to keep rising—just not with One Brickell City Centre in the mix.