CP Group, DRA Advisors Buy Miami Tower

CP Group has partnered with DRA Advisors to amass probably the most recognizable workplace buildings in downtown Miami.

The three way partnership bought the 636,000-square-foot Miami Tower from Sumitomo Corp. for $163.5 million, in accordance with CommercialEdge info. Cushman & Wakefield’s Dominic Montazemi represented the vendor.

CommercialEdge additionally exhibits the 47-story asset beforehand traded in 2016 for $220 million. Sumitomo had acquired it from LaSalle Funding Administration.

A downtown Miami iconic property

Designed by I.M. Pei, the skyscraper got here on-line in 1987, serving as headquarters for CenTrust Financial institution, and underwent beauty renovation in 2012. The Class A workplace constructing at 100 SE Second St. includes 37 flooring of workplace area with floorplates starting from 14,000 to 22,000 sq. toes, in addition to 10 ranges of parking.

The LEED Silver-certified tower additionally options street-level retail, an built-in Miami Metromover station, a foyer on the eleventh ground, a sky terrace with a pool and backyard and 13,100 sq. toes of occasion area. The constructing was roughly 70 p.c leased on the time of sale to a mixture of tenants together with UBS, Metropolis Nationwide Financial institution and GSA EEOC.

Brett Reese, senior vp at CP Group, mentioned in ready remarks that the brand new possession will conduct a repositioning marketing campaign to generate extra worth for the property. CP Group is trying to entice main firms who’re relocating operations to Florida.

Florida’s largest workplace landlord

The acquisition of Miami Tower has introduced CP Group’s downtown Miami portfolio to almost 3 million sq. toes and its total Miami presence to 4 million sq. toes. Florida’s largest workplace landlord additionally owns One Biscayne Tower, in partnership with Rialto Capital Administration and Sabal Capital Companions.

That is additionally CP Group’s third 2022 purchase. In March, the corporate acquired Las Olas Sq., a two-building mixed-use workplace and retail challenge in Fort Lauderdale, Fla., together with Associated Fund Administration. Earlier that month, the agency additionally shaped a three way partnership with funds managed by HPS Funding Companions to buy the 1.3 million-square-foot Financial institution of America Plaza in Atlanta.