CP Group, formerly Crocker Partners, today announced that it has acquired One Biscayne Tower, a 38-floor office tower in Downtown Miami, in a joint venture with funds managed by Rialto Capital Management, LLC and Sabal Capital Partners. The acquisition brings CP Group’s total Downtown Miami holdings to over 2 million square feet, including SunTrust International Center and Citigroup Center, formerly known as Miami Center.

L&B Realty has managed One Biscayne Tower on behalf of Dow Chemical for the last 20 years.

“In addition to expanding our broad spectrum of offerings in Downtown Miami, this acquisition allows us to capitalize on the city’s unprecedented momentum, as new residents and workers continue to flock here from around the country,” said Angelo Bianco, Managing Partner at CP Group. “The building is among the city’s most prestigious office destinations, offering an array of first-class amenities that embody the one-of-a-kind culture and lifestyle here in the City of Sunshine.”

Enhanced amenities

One Biscayne Tower offers an expansive suite of amenities that include panoramic waterfront views, thanks to the lack of developable land between the office tower and Biscayne Bay. The tower is LEED Gold and Wired certified and offers a fitness center and newly renovated parking garage.

CP Group will execute building improvements and a rebrand of the prominent skyscraper, which is currently 65% leased. Planned renovations include enhancements to the exterior façade, lobby, gym, lower basement level, tenant floors, upgrades to the existing on-site café, and the addition of a conference center.

“The business plan was clear on this one – offer best in market amenities, sweeping unencumbered water views, and introduce concierge-level service that caters to the demands of today’s tenants” said Brett Reese, Senior Vice President of CP Group, who leads acquisitions in South Florida, Colorado, and Texas. “Over the last 12 months, Miami has become a haven for corporate transplants; most of us have spent that time working from our homes, no views, no collaboration, no services. Our tenants are coming from all over the country with reset expectations. It is incumbent upon us to evolve and adapt and deliver on what they are looking for. We are excited to reintroduce this gem to the market and capitalize on Office 2.0.”

CBRE’s Christian Lee and José Lobón, including Amy Julian with CBRE’s Debt & Structured Finance group, and Andrew Chilgren represented the seller. The property’s leasing team of Brian Gale, Andrew Trench and Ryan Holtzman from Cushman & Wakefield also assisted with the sale.

New Name, Same Team

CP Group announced its name change from Crocker Partners earlier this month in an effort for the brand to be more representative of its growth into one of the country’s premier owner-operators and developers of commercial real estate. The organization now employs nearly 200 employees and owns and manages a portfolio spanning more than 12 million square feet.

ABOUT CP GROUP

Active in the commercial real estate business for over 35 years, CP Group, formerly Crocker Partners, 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 157 properties, totaling 48.6 million square feet and representing $6 billion invested. They are currently Florida’s largest and Atlanta’s third-largest office landlord and rank 37^th largest in the United States. Headquartered in Boca Raton, Florida, they have regional offices in Atlanta, Miami, Jacksonville, Dallas, and Washington D.C. To learn more about the company, visit CPGcre.com.

ABOUT RIALTO CAPITAL

Rialto Capital is a fully integrated real estate investment management, asset management and operating company. Rialto Capital was formed in 2007, and since its founding, has participated in the investment of billions of dollars of equity in real estate assets. The company invests and manages assets throughout the capital structure in real estate properties, loans, and securities. For more information, please visit www.rialtocapital.com.

ABOUT SABAL CAPITAL PARTNERS, LLC

Headquartered in Irvine, California, Sabal Capital Partners, LLC and its commercial real estate investment, lending and servicing subsidiaries and affiliates have originated and invested billions nationally through the firm’s investment management platform and highly specialized wholesale lending platform. Sabal, founded in 2009, strives to keep clients and investors ahead of the curve, representing a corporate philosophy based upon the core practices of innovation, partnership, commitment to excellence and entrepreneurship. For more information about Sabal, visit www.sabal.com.