CP Group, DRA Advisors Buy Miami Tower

Miami Tower. Image courtesy of CP Group

CP Group has partnered with DRA Advisors to acquire one of the most recognizable office buildings in downtown Miami.

The joint venture purchased the 636,000-square-foot Miami Tower from Sumitomo Corp. for $163.5 million, according to CommercialEdge information. Cushman & Wakefield’s Dominic Montazemi represented the seller.

CommercialEdge also shows the 47-story asset previously traded in 2016 for $220 million. Sumitomo had acquired it from LaSalle Investment Management.

A downtown Miami iconic property

Designed by I.M. Pei, the skyscraper came online in 1987, serving as headquarters for CenTrust Bank, and underwent cosmetic renovation in 2012. The Class A office building at 100 SE Second St. comprises 37 floors of office space with floorplates ranging from 14,000 to 22,000 square feet, as well as 10 levels of parking.

The LEED Silver-certified tower also features street-level retail, an integrated Miami Metromover station, a lobby on the 11th floor, a sky terrace with a pool and garden and 13,100 square feet of event space. The building was approximately 70 percent leased at the time of sale to a mix of tenants including UBS, City National Bank and GSA EEOC.

Brett Reese, senior vice president at CP Group, said in prepared remarks that the new ownership will conduct a repositioning campaign to generate more value for the property. CP Group is looking to attract major companies who are relocating operations to Florida.

Florida’s largest office landlord

The acquisition of Miami Tower has brought CP Group’s downtown Miami portfolio to nearly 3 million square feet and its overall Miami presence to 4 million square feet. Florida’s largest office landlord also owns One Biscayne Tower, in partnership with Rialto Capital Management and Sabal Capital Partners.

This is also CP Group’s third 2022 buy. In March, the company acquired Las Olas Square, a two-building mixed-use office and retail project in Fort Lauderdale, Fla., along with Related Fund Management. Earlier that month, the firm also formed a joint venture with funds managed by HPS Investment Partners to purchase the 1.3 million-square-foot Bank of America Plaza in Atlanta.