CP Group 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.