Moishe Mana Buys Miami Office Tower For $110M
The largest landowner in Downtown Miami just added another major property to his portfolio.
Moishe Mana purchased the 31-story One Downtown tower in Downtown Miami for $110M, he announced Wednesday. He acquired the 450K SF building at One SE Third Ave., formerly the SunTrust International Center, from affiliates of Los Angeles-based PCCP and Boca Raton-based CP Group.
A CBRE 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.
Mana said he owns roughly 80 buildings in Downtown Miami, mostly along Flagler Street, which he is turning into the Flagler District — a tech and commercial hub for connecting entrepreneurs from Latin America to Miami.
“We believe in the Flagler District, and we will continue to increase our investment in South Florida,” Mana said in a statement. “We started our investment in Miami in 2009, and since then, we have become one of the largest landowners in Miami.”
The tower was built in 1973 and renovated in 2016, according to a listing by the building’s leasing team, Tower Commercial Real Estate. PCCP and CP Group paid $127M for the building in 2018, according to Miami deed records.
One Downtown has a 750-spot parking garage, ground-floor retail with tenants including Walgreens and Bank of America, a rooftop terrace and a dry cleaners.
The building is 75% leased, TCRE Senior Vice President Christina Glaria said in an email.
The building landed the headquarters of Brisbane-based Simpro Group in December, the South Florida Business Journal reported. The artificial intelligence-powered field service management platform gained signage rights to the building with its 5K SF plans to expand in the future. Other tenants include the Florida Office of the Attorney General and Jackson Lewis.
“We 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,” Glaria wrote.
Mana is adding the tower to his massive portfolio in the area, which includes the Nikola Tesla Innovation Hub, a 150K SF life sciences-focused building that a spokesperson for the developer said has completed its build-out and should be ready for move-ins soon.
The Flagler District, Mana told the SFBJ last year, is his vision to create a “global hub to connect Latin America to North America, to make it one economy.”
The deal comes after a slow year for sales in the Miami office market, which posted a nearly 11% decline in transaction volume, according to Avison Young. But interest from investors has been building since last year.
“There's interest now going to office, where [before] it was basically everybody was staying away,” Michael Fay, Avison Young chairman, principal and managing director in Miami, told Bisnow last month.
Billionaire Citadel founder Ken Griffin and Miami-based Goldman Properties acquired a 10-story office building in Wynwood for $180M in January. Then last month, Azora Private Solutions, formerly Azora Exan, bought an office building in Coconut Grove for $61M, a record $1K per SF.
