Monarch Alternative Capital, an investment firm with approximately $9 billion of assets under management, has acquired a majority interest in the Citigroup Center office building located in downtown Miami. The Citigroup Center purchase is Monarch’s fifth office building investment in 2021. These acquisitions exemplify Monarch’s broader strategy of capitalizing on the disruption in the office sector by focusing on well-located class A properties within growing metropolitan areas.
Monarch was drawn to the high-quality nature of the property combined with the macro tailwinds in the Miami market stemming from the pandemic and relocation trends. The investment in the Citigroup Center reflects Monarch’s conviction in Miami’s continued growth and the building’s many unique attributes.
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 Bisc
