CP Group, formerly Crocker Partners, has acquired One Biscayne Tower, a 38-floor office tower in Downtown Miami, in a joint venture with funds managed by Rialto Capital Management, LLC and Sabal Capital Partners. A purchase price was not disclosed.
The acquisition brings CP Group’s total Downtown Miami holdings to over 2 million square feet, including SunTrust International Center and Citigroup Center, formerly known as Miami Center.
L&B Realty has managed One Biscayne Tower on behalf of Dow Chemical for the last 20 years.
“In addition to expanding our broad spectrum of offerings in Downtown Miami, this acquisition allows us to capitalize on the city’s unprecedented momentum, as new residents and workers continue to flock here from around the country,” said Angelo Bianco, managing partner at CP Group. “The building is among the city’s most prestigious office destinations, offering an array of first-class amenities that embody the one-of-a-kind cu
