MIAMI — A joint venture between CP Group and DRA Advisors has purchased Miami Tower, a 47-story office tower located at 100 SE Second St. in downtown Miami. The seller is USPO Miami LLC, an entity established by Sumitomo Corp. of America, which purchased Miami Tower in 2016. The sales price was not disclosed, but South Florida Business Journal reports the tower traded for $163.5 million, a significant decrease from the $220 million price tag Sumitomo paid six years ago. Built in 1987 as offices for CenTrust Bank, Miami Tower spans 636,000 square feet and features a tiered glass façade and an exterior LED lighting system. The property features 37 floors of offices, 10 levels of parking, street-level retail space, an onsite Miami Metromover station, sky terrace and a 13,100-square-foot event lobby on the 11th floor. The new ownership plans to make significant capital improvements at Miami Tower, which was 67 percent leased at the time of sale. Transwestern, which handled leasing at Miami Tower under the previous owner, recently executed leases with firms including AST & Science, World Wide Express, LKLSG, ABKD Group, Best Buddies, AWE Medical Group and Pardo Jackson Gainsburg PL totaling more than 40,000 square feet. … Continue reading CP Group, DRA Advisors Acquire 47-Story Office Tower in Downtown Miami