Simon Property Group Acquires Brickell City Centre in $512M Power Move

Miami’s Brickell district just witnessed one of its biggest real estate shakeups of the year. Swire Properties, the Hong Kong-based developer that brought Brickell City Centre to life, has officially sold its remaining 75% stake in the retail and parking components of the complex to Simon Property Group for a whopping $512 million.

If you’ve spent any time in Brickell, you’ve likely walked through the sleek, open-air corridors of Brickell City Centre—home to more than 90 luxury and lifestyle retailers, a showstopping Saks Fifth Avenue, and a carefully curated mix of food and drink concepts. Now, the mall’s future is squarely in the hands of one of the biggest names in U.S. retail: Simon.

This acquisition gives Simon 100% control over the 500,000-square-foot shopping center and its underground parking facility, adding yet another trophy asset to their Miami portfolio, which already includes Dadeland Mall, Sawgrass Mills, and Miami International Mall. It’s a strong signal that Simon believes Brickell is still on the rise—and they’re doubling down on experiential, high-foot-traffic properties in urban cores.

For Swire, this sale wraps up a years-long repositioning effort. Over the past few years, they’ve sold off Brickell City Centre’s office towers, the EAST Miami hotel, and nearby development parcels. But it’s not a goodbye—Swire is now focusing on the nearby Residences at Mandarin Oriental, Miami, a luxury condo-hotel project that will rise on the last developable site on Brickell Key.

So what’s next for Brickell City Centre? With Simon at the helm, we can expect new retail activations, events, and perhaps some exciting shifts in the tenant mix to keep up with evolving trends in fashion, dining, and entertainment. This is also part of a broader trend: retail real estate is evolving, and owners like Simon are adapting by creating immersive, lifestyle-driven destinations—not just places to shop.

In many ways, this deal reflects Miami’s maturation as a global city. Institutional investors are all-in on neighborhoods like Brickell, and the demand for luxury experiences—whether in condos, hotels, or retail—isn’t slowing down anytime soon.