Monarch Alternative Capital Acquires Majority Interest in 34-Story Miami Office Tower

Investment firm Monarch Alternative Capital LP has acquired a majority interest in the 34-story Citigroup Center office building located in downtown Miami.

The property is the second largest Class A office building in the state of Florida, with 34-stories and 809,594 square feet of renovated office space. The building’s location on Biscayne Boulevard provides unobstructed city and ocean views and sits within Miami’s central business district. Monarch plans to operate the property in partnership with Tourmaline Capital Partners, a real estate investment and operations firm focused on the office sector, and CP Group (formerly Crocker Partners), the largest office landlord in Florida.

“We are excited to invest in an iconic asset anchoring the Miami skyline and are proud to be part of the city’s encouraging trajectory,” said Joshua Acheatel, senior investment professional at Monarch. “We believe that the Citigroup Center is well-positioned to capture growing demand for office space in Miami as existing Florida tenants look to upgrade their office space and companies across various industries enter the market.”