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.
