DRA Advisors, CP Group Drop $163M to Acquire 67% Occupied Miami Tower
Cushman & Wakefield has arranged the sale of Miami Tower, a 627,152-square-foot office tower in Downtown Miami’s Central Business District, for a reported $163 million.
Mike Davis, Dominic Montazemi, Mike McDonald, Miguel Alcivar, Rick Brugge, Rick Colon, and Adam Spies of Cushman & Wakefield represented the seller, USPO Miami, LLC. Jason Hochman and Ron Granite also of Cushman & Wakefield arranged the $144.2-million acquisition financing through PGIM Real Estate on behalf of the buyer, DRA Advisors and CP Group.
Miami Tower spans 47 stories and is currently 67% occupied while historically averaging 90% or better, according to Cushman & Wakefield The 1987-constructed building features a triple-tiered light display and amenities such as an on-site conference center, fitness facility, event space and ground floor retail. It is adjacent to the Hyatt Regency Miami Hotel.
It’s also the only office building in Miami that is fully connected into the city’s public transit system with an integrated Metromover station, which provides nearly immediate access to Miami Central station.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.