DRA Advisors and CP Group Acquire Iconic Office Building 'Miami Tower' In Downtown Miami For $163.5 Million

DRA Advisors and CP Group have acquired Miami Tower, a 627,152-square-foot trophy office tower in Downtown Miami’s Central Business District for $163.5 million. Mike Davis, Dominic Montazemi, Mike McDonald, Miguel Alcivar, Rick Brugge, Rick Colon, and Adam Spies of Cushman & Wakefield represented the seller, USPO Miami, LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield also arranged the acquisition financing through PGIM on behalf of the buyer, DRA Advisors and CP Group.

“Miami Tower is a hallmark icon of the Miami skyline with a storied history,” said Montazemi, Executive Managing Director at Cushman & Wakefield. “CP Group together with DRA have a vision to elevate the asset with significant capital investment and plans for modernizations that will place Miami Tower as a category-defining option for tenants seeking the very best transit-oriented workplace solutions together with state-of-the-art on-site amenities.

Additionally, “The asset’s live-work-play environment and location in an area that has had more than $23 billion worth of recent development happening will continue to attract interest from established businesses in and outside of Florida,” said Davis, Executive Vice Chair at Cushman & Wakefield.

Located at 100 SE 2nd St., Miami Tower is a trophy asset that spans 47 stories and is currently 67% occupied while historically averaging 90% or better. The office tower features a unique triple-tiered light display and best-in-class amenities such as an on-site conference center, fitness facility, Sky Lobby and Sky Terrace event space, ground floor retail, and adjacent Hyatt Regency Miami Hotel. It’s also the only office building in Miami that is fully connected into the city’s public transit system with an integrated Metromover station, which provides nearly immediate access to Miami Central station.

Miami Tower has been a critical part of the city’s public and business community since it was built in 1987, and significant capital has been invested in renovation projects over the years to maintain it. Under new ownership, the office tower offers potential value-add through further enhancements to its amenities.

Singapore-Based PRIME US REIT Acquires One Town Center Office In Boca Raton For $99.5 Million

The Singapore-based Prime US REIT has acquired the One Town Center office building in Boca Raton for $99.5 million. The sale price equates to $520 PSF and a 5.8% CAP rate. The seller was a joint venture between the buildings developer, the Boca Raton-based CP Group, who is the property manager and developed the building under their former name Crocker Partners, and New York City-based Siguler Guff & Co. CP Group was represented in the transaction by CBRE Vice Chairman Chris Lee, EVP José Lobón, VP Amy Julian, financial analyst Andrew Chilgren, and associate Royce Rose. The California-based KBS assisted the buyer in procuring the deal.

CP Group will continue to manage the property which was over 95% leased at the time of sale. Prime US REIT plans to renovate the common areas, lobby and restrooms.

One Town Center is a 191,294 SF office building developed in 1991 by Thomas Crocker. and located at 5355 Town Center Road. It last traded in 2014 for $81 million but was only 34% occupied at the time of sale. One Town Center rises 10-stories and features 709-parking spaces along with tenant amenities which include a café, restaurant, full security system, balcony access and a fitness center.

Image via CP Group