{"id":1004589631,"date":"2022-07-05T01:17:12","date_gmt":"2022-07-05T09:17:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004589631"},"modified":"2022-12-09T02:13:56","modified_gmt":"2022-12-09T10:13:56","slug":"cp-group-dra-advisors-buy-miami-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cp-group-dra-advisors-buy-miami-tower\/","title":{"rendered":"CP Group, DRA Advisors Buy Miami Tower"},"content":{"rendered":"
\"\"<\/a>

Miami Tower. Image courtesy of CP Group<\/p><\/div>\n

CP Group<\/strong> has partnered with DRA Advisors<\/strong> to acquire one of the most recognizable office buildings in downtown Miami.<\/p>\n

The joint venture purchased the 636,000-square-foot Miami Tower from Sumitomo Corp.<\/strong> for $163.5 million, according to CommercialEdge information. Cushman & Wakefield<\/strong>\u2019s Dominic Montazemi represented the seller.<\/p>\n

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

A downtown Miami iconic property<\/h2>\n

Designed by I.M. Pei<\/strong>, 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.<\/p>\n

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.<\/p>\n

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<\/a>.<\/p>\n

Florida’s largest office landlord<\/h2>\n

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,<\/a> in partnership with Rialto Capital Management and Sabal Capital Partners.<\/p>\n

This is also CP Group\u2019s third 2022 buy. In March, the company acquired Las Olas Square<\/a>, 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<\/a> in Atlanta.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property previously traded in 2016 for $220 million.<\/p>\n","protected":false},"author":883,"featured_media":1004589638,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21783,1492,21742,21747],"tags":[51165,32799,33919,45623,32779,34374],"class_list":["post-1004589631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-investment","category-miami","category-latest","category-office","tag-cp-group","tag-cushman-wakefield","tag-dra-advisors-llc","tag-i-m-pei","tag-leed","tag-sumitomo-corporation"],"acf":[],"yoast_head":"\nCP Group, DRA Advisors Buy Miami Tower - CPE<\/title>\n<meta name=\"description\" content=\"CP Group and DRA Advisors acquired the 636,000-square-foot Miami Tower from Sumitomo Corp. for $163.5 million.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cp-group-dra-advisors-buy-miami-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CP Group, DRA Advisors Buy Miami Tower\" \/>\n<meta property=\"og:description\" content=\"CP Group and DRA Advisors acquired the 636,000-square-foot Miami Tower from Sumitomo Corp. for $163.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cp-group-dra-advisors-buy-miami-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-05T09:17:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:13:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/07\/Miami-Tower-e1657009748816.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1005\" \/>\n\t<meta property=\"og:image:height\" content=\"753\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cp-group-dra-advisors-buy-miami-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cp-group-dra-advisors-buy-miami-tower\/\",\"name\":\"CP Group, DRA Advisors Buy Miami Tower - 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