Florida’s largest office landlord to launch repositioning campaign on the 636,00-SF tower
MIAMI, July 01, 2022--(BUSINESS WIRE)--CP Group, the largest office landlord in Florida and a prominent owner-operator throughout the Southeast and Southwest, has acquired Miami Tower — the 47-story, Class A office tower in the heart of Downtown Miami — in a joint venture with DRA Advisors. The acquisition brings CP Group’s Downtown Miami holdings to nearly 3 million square feet and over 4 million in the City of Miami, growing its hold as the largest office landlord in the city.
Dominic Montazemi of Cushman & Wakefield represented the seller in the transaction.
"This trophy asset has been the centerpiece of the Miami Skyline for over 30 years," said Brett Reese, who oversees acquisitions and investments for CP Group. "Our repositioning campaign will generate new value at this storied project, appealing to the major companies relocating their operations to Florida and the rest of the Southeast."
Originally designed by I.M. Pei, the 636,000-square-foot office tower is one of the most recognizable properties in Miami, best known for its dramatic exterior glass tiers and elaborate LED light installations. Constructed in 1987 for CenTrust Bank, the property consists of 37 floors of office space with 10 floors of parking; street-level retail space; an 11th-floor Sky Lobby and event space spanning 13,100 square feet; and a large exterior Sky Terrace.
"We have been tracking this asset for acquisition for a while and are thrilled to have an opportunity to execute our vision on this iconic structure," said Reese. "Downtown Miami is primed for growth and Miami Tower has untapped potential which we intend to actuate with creative asset management and best-in-class customer service."
The office tower features an on-site Miami Metromover station, offering access to hundreds of restaurants, retail, and hotel options. It also provides easy accessibility to I-95 and is a five-minute drive to the Miami Brightline station and a 10-minute drive to Miami International Airport.
CP Group Remains Active in 2022
The acquisition of Miami Tower marks CP Group’s third acquisition in 2022, after Las Olas Square in Fort Lauderdale and Bank of America Plaza in Atlanta. It also adds to its growing Downtown Miami portfolio, which expanded in 2021 with the acquisition of One Biscayne Tower and its recapitalization of Citigroup Center — in a year in which CP Group acquired over five million square feet of Class A office buildings in five markets throughout the Southeast and Southwest United States.
About CP Group
Active in the commercial real estate business for over 35 years, CP Group has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, CP Group has acquired and managed over 165 properties, totaling over 56 million square feet, valued at nearly $8 billion. It is currently Florida’s largest and Atlanta’s second-largest office landlord and ranks 25th largest in the United States. Headquartered in Boca Raton, Florida, the firm has a corporate office in Atlanta and regional offices in Denver, Miami, Jacksonville, Dallas, and Washington DC. To learn more about the company, visit CPGcre.com.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment advisor with approximately 90 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring over $36 billion of real estate. The acquisitions include 82 million square feet of industrial, 63 million square feet of office, 83 million square feet of retail and 76,000 multifamily units. As of December 31, 2021, DRA has $12.0 billion in gross assets under management. http://draadvisors.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20220701005059/en/
Jordan Rankin, Antenna Group