{"id":6359,"date":"2026-03-06T08:14:25","date_gmt":"2026-03-06T08:14:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=6359"},"modified":"2026-03-06T08:14:25","modified_gmt":"2026-03-06T08:14:25","slug":"moishe-mana-pays-110m-for-downtown-miami-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/moishe-mana-pays-110m-for-downtown-miami-office-tower\/","title":{"rendered":"Moishe Mana Pays $110M for Downtown Miami Office Tower"},"content":{"rendered":"

Moishe Mana has acquired another downtown Miami office tower, paying $110 million for One Downtown at 1 SE Third Ave. \u2014 about 14% below what the property last traded for in 2018.<\/p>\n

The 31-story building, previously called SunTrust International Center, sits on East Flagler Street one block west of Bayfront Park. Built in 1969 and renovated in 2014, the tower holds roughly 449,000 square feet of office space above eight levels of parking with Walgreens and Bank of America on the ground floor. The LEED Silver-certified property is currently 75% leased. Tenants include the North American headquarters of Simpro Group, as well as offices of HealthCase, Newgard and the Florida Office of the Attorney General.<\/p>\n

PCCP and CP Group were represented by Christian Lee, Sean Kelly, Tom Rappa and Matthew Lee of CBRE. At $244 per square foot, the deal hands the sellers a $17 million loss on their 2018 purchase, despite renovations completed during a seven-year hold financed with a $76.4 million Wells Fargo loan. The property also carries a ground lease held by Yvonne Watson that runs through 2052.<\/p>\n

\"\"
One Downtown, Miami, Fla.<\/figcaption><\/figure>\n

Mana Common now controls 80 buildings along Flagler Street, making it downtown Miami\u2019s largest landlord. The company also holds roughly 45 acres in the Wynwood neighborhood. The firm paid $75 million for Museum Tower in 2023 and is finishing work on the Nikola Tesla Innovation Hub, a 150,000-square-foot life sciences and technology facility nearby.<\/p>\n

\u201cWe believe in the Flagler District, and we will continue to increase our investment in South Florida,\u201d a representative of Mana Common said. \u201cWe started our investment in Miami in 2009 and, since then, we have become one of the largest landowners in Miami.\u201d<\/p>\n

Miami posted $506 million in office sales volume year-to-date through January 2026, trailing only Manhattan, N.Y., nationally, according to Yardi. Prices here have climbed 20% from 2019 levels \u2014 the strongest recovery among major markets. Meanwhile, asking rents averaged $56.03 per square foot \u2014 the highest in the South and well above the national average of $32.55. Additionally, vacancy stood at 14%, which was below the national rate of 18.2%<\/p>\n","protected":false},"excerpt":{"rendered":"

Moishe Mana has acquired another downtown Miami office tower, paying $110 million for One Downtown at 1 SE Third Ave. \u2014 about 14% below what the property last traded for in 2018. The 31-story building, previously called SunTrust International Center, sits on East Flagler Street one block west of Bayfront Park. Built in 1969 and renovated in 2014, the tower holds roughly 449,000 square feet of office space above eight levels of parking with Walgreens and Bank of America on the ground floor. The LEED Silver-certified property is currently 75% leased. Tenants include the North American headquarters of Simpro Group,…<\/p>\n","protected":false},"author":3163,"featured_media":1235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2,5],"tags":[],"class_list":["post-6359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial-real-estate-news","category-office-news"],"acf":[],"yoast_head":"\nMoishe Mana Expands Miami Portfolio With $110M Office Acquisition<\/title>\n<meta name=\"description\" content=\"Real estate investor Moishe Mana paid $110 million for One Downtown in Miami's Flagler District, adding to his 80-building portfolio.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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