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<\/p>\nThe largest landowner in Downtown Miami just added another\u00a0major property to his portfolio.<\/p>\n
<\/p>\n
\n One Downtown, originally built in 1973, at One SE Third Ave.\n <\/p>\n
Moishe Mana<\/a>\u00a0purchased the 31-story\u00a0One Downtown\u00a0tower in Downtown Miami for $110M, he announced Wednesday. He acquired the 450K SF building at One SE Third Ave.,\u00a0formerly the SunTrust International Center, from affiliates of Los Angeles-based PCCP<\/a>\u00a0and Boca Raton-based CP Group.\u00a0<\/p>\n A CBRE<\/a> team of Christian Lee, Sean Kelly, Tom Rappa and Matthew Lee represented the sellers. The CBRE brokers and PCCP didn’t immediately respond to requests for comment.<\/p>\n Mana\u00a0said he owns roughly 80 buildings\u00a0in Downtown Miami, mostly along Flagler Street, which he is turning into the Flagler District \u2014 a tech and commercial hub for connecting entrepreneurs from Latin America to Miami.<\/p>\n \u201cWe believe in the Flagler District, and we will continue to increase our investment in South Florida,\u201d Mana said in a statement. \u201cWe started our investment in Miami in 2009, and since then, we have become one of the largest landowners in Miami.\u201d\u00a0<\/p>\n The tower was built in 1973 and renovated in 2016, according to a listing by the building\u2019s leasing team, Tower Commercial Real Estate. PCCP and CP Group paid $127M for the building in 2018, according to Miami deed records.<\/p>\n One Downtown\u00a0has a 750-spot parking garage, ground-floor retail with tenants including Walgreens and Bank of America, a rooftop terrace\u00a0and a dry cleaners.\u00a0<\/p>\n The building is 75% leased, TCRE Senior Vice President Christina Glaria said in an email.<\/p>\n The\u00a0building landed the headquarters of Brisbane-based Simpro Group in December,\u00a0the South Florida Business Journal reported<\/a>. The artificial intelligence-powered field service management platform gained signage rights to the building with its 5K SF\u00a0plans to expand in the future. Other tenants include\u00a0the Florida Office of the Attorney General and Jackson Lewis.<\/p>\n \u201cWe look forward to continuing leasing this amenity-rich building in a highly active Downtown market and to working closely with new ownership to support their objectives,\u201d Glaria wrote.<\/p>\n Mana is adding the tower to his massive portfolio in the area, which includes the Nikola Tesla Innovation Hub, a 150K SF\u00a0life sciences-focused\u00a0building that a spokesperson for the developer said has completed its build-out and should be ready for move-ins soon.<\/p>\n The Flagler District,\u00a0Mana told the SFBJ last year<\/a>, is his vision to create a\u00a0\u201cglobal hub to connect Latin America to North America, to make it one economy.\u201d<\/p>\n The\u00a0deal comes after a slow year for\u00a0sales in the Miami office market<\/a>,\u00a0which posted a nearly 11% decline in transaction volume, according to\u00a0Avison Young<\/a>. But interest from investors has been building since last year.<\/p>\n \u201cThere’s interest now going to office, where [before] it was basically everybody was staying away,\u201d Michael Fay, Avison Young chairman, principal and managing director in Miami, told Bisnow last month<\/a>.\u00a0<\/p>\n Billionaire Citadel founder Ken Griffin<\/a> and Miami-based Goldman Properties acquired a 10-story office<\/a>\u00a0building in Wynwood for $180M in January. Then last month, Azora Private Solutions, formerly Azora Exan, bought an office building in Coconut Grove for\u00a0$61M,\u00a0a record $1K<\/a>\u00a0per SF.<\/p>\n","protected":false},"excerpt":{"rendered":"The largest landowner in Downtown Miami just added another\u00a0major property to his portfolio. One Downtown, originally built in…\n","protected":false},"author":2,"featured_media":178165,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[4283,123,125,124,3892,84275,84274],"class_list":["post-178164","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-cbre","tag-miami","tag-miami-headlines","tag-miami-news","tag-moishe-mana","tag-one-downtown","tag-suntrust-international-center"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/178164","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=178164"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/178164\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/178165"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=178164"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=178164"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=178164"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}