CP Group Acquires One Biscayne Tower in Downtown Miami for $225M
MIAMI — CP Group, formerly Crocker Partners, has acquired One Biscayne Tower, a 38-story office tower in downtown Miami, in a joint venture with funds managed by Rialto Capital Management and Sabal Capital Partners. Dow Chemical sold the asset for $225 million, according to the Daily Miami News. L&B Realty has managed One Biscayne Tower on behalf of Dow for the last 20 years.
Located along the waterfront, the property overlooks Bayfront Park, Biscayne Bay, Miami Beach and the Atlantic Ocean. Trammell Crow Co. developed the property in 1973, with Gutierrez-Latimer and Praga Associates as designers, according to the Council on Tall Buildings and Urban Habitat.
One Biscayne Tower features nine floors of parking below 24 floors of office space. Amenities include a newly renovated lobby, fitness center, Pilates studio, two banks, a deli and a variety of services such as a florist, car wash, hair salon, print shop and Amazon locker delivery.
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. The company claims it is now the largest office landlord in downtown Miami, largest commercial landlord in Florida, third-largest landlord in Atlanta and 37th largest overall in the United States.
“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,” says 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.”
CP Group plans to execute building improvements and a rebrand of the prominent skyscraper, which is currently 65 percent 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.
CBRE’s Christian Lee and José Lobón, along with Amy Julian of 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.
Since 1986, CP Group has acquired and managed over 157 properties, totaling 48.6 million square feet and representing $6 billion invested.
— Jeff Shaw