Miami, FL

CP Group and DRA Advisors Buy Iconic Miami Tower For $163M

Published

3 years ago

July 1, 2022

CP Group and DRA Advisors Buy Iconic Miami Tower For 3M

One other day, one other gargantuan Miami workplace sale.

CP Group and DRA Advisors dropped roughly $163 million for the long-lasting Miami Tower, in response to sources with data of the deal.

The 47-story workplace constructing, designed by the late Pritzker-winning architect I.M. Pei, has stood as a landmark in Downtown Miami since its completion in 1987, glittering Miami’s skyline with mild exhibits.

It’s been an energetic few weeks for the Miami workplace market. Simply final week, Citadel, a number one hedge fund, and its sister firm, market maker Citadel Securities, introduced plans to relocate from Chicago to Brickell, Miami’s monetary district. The agency’s founder, billionaire Ken Griffin, paid $363 million for a waterfront website on Brickell Bay Drive the place he’ll seemingly develop an workplace tower, and paid $287 million for the workplace constructing throughout the road, 1221 Brickell.

Not like 1221 Brickell, which posted an 85 p.c achieve from its final sale in 2017, Miami Tower traded at a loss. The vendor, Sumitomo Company of Americas, purchased the property for $220 million in 2016, in response to property data.

Miami Tower’s depreciation is partially because of the lack of a significant tenant. Legislation agency Carton Fields, which leased about 95,000 sq. toes, relocated to the MiamiCentral complicated final 12 months. Miami Tower is now roughly 65 p.c occupied, down from close to full occupancy in 2016.

The brand new homeowners plan to renovate the property, the price of which is able to seemingly be north of $20 million, in response to a supply.

“Our repositioning marketing campaign will generate new worth at this storied challenge, interesting to the key firms relocating their operations to Florida and the remainder of the Southeast,” Brett Reese, who oversees acquisitions and investments for CP Group, mentioned in a press release.

The 636,000-square-foot skyscraper — situated at 100 SE 2nd Avenue, a block from the Miami River — gives 37 flooring for places of work, 10 flooring for parking, an on-site Metromover station, and street-level retail house.

The deal marks CP and DRA’s second enterprise collectively in South Florida. New York-based DRA purchased a majority stake within the Boca Raton Innovation Campus workplace complicated for $320 million from CP final 12 months. The deal stays South Florida’s largest workplace commerce in gross phrases.

The acquisition additionally brings CP Group’s Downtown Miami holdings to just about 3 million sq. toes and over 4 million in Miami general. The Boca Raton-based investor purchased the 1 Biscayne Tower for $220 million final 12 months. It nonetheless owns a minority stake in Citigroup Heart after promoting a majority stake for a reported $300 million.

CP and DRA are removed from the one buyers, who’re responding to demand from new-to-market firms, by launching workplace tasks.

Stephen Ross’ Associated Corporations, in partnership with Swire Properties, is growing a 1,000-foot-tall workplace tower in Brickell, which may turn into Florida’s tallest constructing.

Craig Robins’ Dacra is growing an workplace property within the Design District. So is Goldman Properties in Wynwood. Builders Michael Shvo, Don Peebles, and Barry Sternlicht’s Starwood Capital Group have proposed places of work in and round Miami Seaside’s Lincoln Street.

The brokers representing 830 Brickell, the primary Miami workplace tower underneath building in a decade, raised the asking hire to $100 per sq. foot, a primary within the Magic Metropolis.

Dominic Montazemi of Cushman & Wakefield brokered the Miami Tower transaction.

Julia Echikson will be reached at jechikson@commercialobserver.com.

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Miami, FL

Lionel Messi-led Inter Miami unveils five-match, four-country preseason trip

Published

8 hours ago

January 10, 2025

Press Room

Lionel Messi-led Inter Miami unveils five-match, four-country preseason trip

Lionel Messi is getting another preseason tour with Inter Miami, this one a five-match trip that will see the reigning MLS Supporters’ Shield winners playing in four different countries as it tunes up for the 2025 season.

Announced Friday were three matches in South America and Central America. Inter Miami opens that swing with a game against Peruvian champion Club Universitario de Deportes in Lima on Jan. 29.

From there, the club goes to Panama City to take on Sporting San Miguelito on Feb. 2, followed by a trip to San Pedro Sula, Honduras, for a Feb. 8 match against Club Deportivo Olimpia.

The first and last preseason matches were already known: Inter Miami will play Mexican power Club America in Las Vegas on Jan. 18 and close the exhibition slate in Tampa, Florida, against MLS rival Orlando City on Feb. 14.

“We’re very excited to unveil the five matches against domestic and international opponents across the Americas that will prepare us for a highly anticipated 2025,” Inter Miami president of football operations Raul Sanllehi said. “These fixtures will put us in the best possible position ahead of an unparalleled campaign with various competitions we’re playing for this year — the FIFA Club World Cup, CONCACAF Champions Cup, Leagues Cup and MLS.”

With 34 regular season MLS matches, five preseason games and the three cup tournaments, Inter Miami could easily exceed 50 matches this season — and probably will play even more than that. And that doesn’t even count international matches for Messi and likely several other Inter Miami players.

This year’s preseason tour isn’t quite as ambitious as the one Inter Miami planned last year, with matches in Dallas, El Salvador, Saudi Arabia, Hong Kong and Japan on that schedule. Much of that trip didn’t go as envisioned: A Messi vs. Cristiano Ronaldo matchup in Saudi Arabia didn’t happen because Ronaldo was sidelined by injury, and fans in Asia were angered by Messi missing one match there and playing sparingly in another. Some refunds were even issued to help appease disappointed ticket-holders, some of whom spent more than $600 with hopes of seeing Messi play.

Inter Miami’s training camp starts with physicals on Saturday. The first practice under new coach Javier Mascherano is Monday.

Reporting by The Associated Press.

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Miami, FL

TRANSFER PORTAL: Charlotte Gets Commitment From Ex-Louisville, Miami RB Don Chaney Jr.

Published

17 hours ago

January 10, 2025

Press Room

TRANSFER PORTAL: Charlotte Gets Commitment From Ex-Louisville, Miami RB Don Chaney Jr.

Former Miami and Louisville running back Don Chaney Jr. will transfer to Charlotte, as first reported by Pete Nakos of On3 Sports.

A former four-star recruit, Chaney began his career with Miami in 2020 and rushed for 322 rushing yards and three touchdowns on 68 carries, but suffered season-ending injuries in 2021 and 2022.

The 5-foot-10, 208-pounder bounced back to finish third on Miami’s roster in rushing yards in 2023, rushing for 478 yards and two touchdowns before transferring to Louisville following the season.

Chaney never found his footing with Jeff Brohm’s club, being used primarily as a reserve this past year. He rushed for 178 yards on 50 carries with three touchdowns and hauled in seven receptions for 62 yards.

For his career, the Miami native has rushed for 1,030 yards and nine touchdowns.

First-year Charlotte head coach Tim Albin takes over the 49ers’ program after former head coach Biff Poggi was relieved of his duties following a two-year stint in the Queen City that saw Poggi amass a 6-16 record with the team.

Miami, FL

Stephen A. Smith Once Referred To Ex-Miami Heat Player As ‘Steal Of The Draft’

Published

1 day ago

January 9, 2025

Press Room

Stephen A. Smith Once Referred To Ex-Miami Heat Player As ‘Steal Of The Draft’

Let’s be honest: no one is perfect when it comes to making predictions.

You win some, and you lose some.

So cut media personality Stephen A. Smith some slack for his now cold take during the 2015 NBA draft. While ripping the New York Knicks for drafting Kristaps Porzingis with the fourth pick, Smith rattled off three players they should have taken instead.

They were Willie Cauley-Stein, Stanley Johnson and Justise Winslow, who he all called “NBA ready.”

Posted by REVOLT Sports on Wednesday, January 1, 2025

Smith boldly called Winslow “the steal of the draft.” He was taken by the Heat at No. 10. Fans fell for it, too, because they cheered loudly at Kaseya Center when the pick was announced. The result was Winslow having five forgetful seasons in Miami before he was traded to the Memphis Grizzlies.

Heat fans forever link him with All-Star Devin Booker, who was taken three spots after at No. 13. Others drafted later were Kelly Oubre Jr., and Terry Rozier.

Smith was actually wrong about all the players he mentioned who should have been taken ahead of Porzingis. Cauley-Stein was out of the league after seven seasons, averaging 8.7 points and 5.9 rebounds for his career. Johnson made it eight seasons before exiting to play overseas.

Meanwhile, Porzingis is still going strong as a key cog for the defending champion Boston Celtics. And Heat fans are still sulking about Winslow never panning out.

Shandel Richardson is the publisher of Miami Heat On SI. He can be reached at shandelrich@gmail.com

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