CP Group acquires 47-story Miami Tower in Downtown Miami

CP Group has acquired Miami Tower, a 47-story, class A office tower in the heart of downtown Miami, in a joint venture with DRA Advisors.

The acquisition brings CP Group’s downtown Miami holdings to nearly 3 million square feet and more than 4 million in the Miami, growing its hold as the largest office landlord in the city.

“This trophy asset has been the centerpiece of the Miami Skyline for over 30 years,” said Brett Reese, who oversees acquisitions and investments for CP Group. “Our repositioning campaign will generate new value at this storied project, appealing to the major companies relocating their operations to Florida and the rest of the Southeast.”

Originally designed by I.M. Pei, the 636,000-square-foot office tower is one of the most recognizable properties in Miami, best known for its dramatic exterior glass tiers and elaborate LED light installations. Constructed in 1987 for CenTrust Bank, the property consists of 37 floors of office spac