CP Group Announces Nearly 40,000 SF of Leasing at Miami Tower in Downtown Miami
May 16 2024 - 8:33AM
Business Wire
Iconic office tower signs seven new tenants,
two renewals, and one expansion amid multimillion-dollar
renovations program
CP Group, Florida’s largest office landlord and a prominent
owner-operator of office properties throughout the Sunbelt, along
with DRA Advisors, today announced it has executed nearly 40,000
square feet of leasing agreements at Miami Tower — its 47-story,
Class A office tower in the heart of Downtown Miami – since the
start of the year.
The executed deals include seven new leases, two lease renewals,
and one expansion with a diverse range of companies, including law
firms, financial service companies, and healthcare providers. All
seven of the new tenants signed leases for Miami Tower’s newly
completed spec suites.
- Two Chairs, a behavioral healthcare company new to the
downtown Miami market, signed a lease for a 2,600-square-foot spec
suite. Clay Sidner of Newmark represented the tenant.
- GTS Group, a financial services company with locations
in New York and Chicago and also new to the market, signed a lease
for a 2,900-square-foot spec suite as the location for its Miami
office. Noa Figari of Corcoran Group represented the tenant.
- Shubin Law Group, a law firm specializing in land use,
zoning entitlement matters, and related litigation, signed a lease
for a 5,200-square-foot spec suite. Randy Carballo of CBRE
represented the tenant.
- Weisberg Kainen Mark, PL, a tax law and criminal defense
law firm, signed a lease for a 2,000-square-foot spec suite,
relocating from Brickell. Tony Puente of Fairchild Partners
represented the tenant.
- Latin Securities, an investment advisory firm, signed a
lease for a 4,000-square-foot spec suite, also relocating from
Brickell. Sebastian Faerman of FA Commercial represented the
tenant.
- NormanMax Insurance Group, a reinsurance group, signed a
lease for a 4,500-square-foot spec suite as its second office
location and first Miami office. Michael Feuerman and Daniel Silver
of Berger Commercial Realty represented the tenant.
- Mamone & Villalon, a litigation and business law
firm, signed a lease for a 2,600-square-foot spec suite as its
second office location.
- Assouline & Berlowe, a business litigation and
transactional law firm, signed a lease for 6,500-square-feet, to
relocate and expand its footprint within the building. Sharon Ellis
and Brent Palmer of Palmer Property Group represented the
tenant.
- H&R Block, a national tax preparation company,
renewed its lease.
- Transwestern, a commercial real estate company, renewed
its lease. Glenn Gregory of Transwestern represented the
tenant.
Gordon Messinger and Randy Carballo of CBRE represented the
landlord in each agreement. All incoming tenants will be moved into
their respective spaces by this fall.
“As our two firms, Shubin Law Group and The Euclid Group, expand
throughout the state, Miami Tower provides us and our clients
seamless connectivity through its close proximity to public transit
and the Brightline and represents a significant investment in our
future,” said John Shubin, Shubin Law Group’s Founding Partner.
“Being located in the heart of Downtown Miami, with access to
top-tier amenities, creates a dynamic and vibrant environment for
our teams whose advisory and legal expertise bring forward-thinking
projects to life.”
With the success of the new spec suites thus far—part of CP
Group’s ‘worCPlaces’ flexible workspace—CP Group has just two
remaining move-in-ready spec suites at Miami Tower available for
lease (2,950 and 4,650 square feet) and is planning to construct
another full floor of spec suites to continue to meet the
demand.
CP Group acquired the building in 2022 and is currently underway
on a multimillion-dollar renovation project that will revitalize
and expand its amenities with a reimagined first-floor arrival and
sky lobby with new café and barista stand; a tenant lounge and
huddle space; and a brand-new conference center.
“We are committed to enhancing this iconic property, aligning
its amenities with its prime location and prestigious tenant
roster,” said John Osborne, Senior Vice President at CP Group. “Our
ongoing renovations are refining the tower's timeless allure and
catering to the growing demand in the market. The leasing success
of our turnkey spec suites underscores the need for modern,
customizable workspaces to meet today's evolving business
needs."
Designed by the late Pritzker-winning architect I.M. Pei, the
635,911-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. Adding to the tower’s
iconic status, it was also featured in Gloria Estefan’s music video
for her hit song “Turn the Beat Around.” Constructed in 1987 for
CenTrust Bank, the property consists of 37 floors of office space
with ten floors of parking; street-level retail space; an
11th-floor Sky Lobby and event space spanning 13,148 square feet;
and a large exterior Sky Terrace with a pool and garden.
In addition to the on-site retail, conference center, and event
spaces, the property also boasts a private fitness center. Miami
Tower is ideally located—nestled between the SE 2nd Street on-ramp
and the SE 3rd Street off-ramp to Interstate 95—offering tenants
unmatched connectivity as well as access to a wide range of upscale
hotels, dining options, and residential offerings in the heart of
Downtown Miami. Less than seven miles from Miami International
Airport, it also features an on-site Metro rail station and adjoins
the Hyatt Regency Miami.
About CP Group
Active in the commercial real estate business for over 35 years,
CP Group has established a reputation as a premier owner, operator,
and developer of office and mixed-use projects throughout the
Southeast and Southwest United States. Since 1986, CP Group has
acquired and managed over 170 properties, totaling over 62 million
square feet, valued at nearly $8 billion. The firm is currently
among the 25 largest office landlords in the United States.
Headquartered in Boca Raton, Florida, the firm has a corporate
office in Atlanta and regional offices in Charlotte, Denver, Miami,
Jacksonville, Dallas, and Washington DC. To learn more about the
company, visit CPGcre.com.
About DRA Advisors
DRA Advisors LLC is a New York-based registered investment
advisor with approximately 100 employees specializing in real
estate investment management services for institutional and private
investors, including pension funds, university endowments,
sovereign wealth funds, foundations, and insurance companies. Since
DRA was founded in 1986, the firm has opened additional offices in
Miami and San Francisco while acquiring approximately $40 billion
of real estate. The acquisitions include 94 million square feet of
industrial, 65 million square feet of office, 87 million square
feet of retail and 85,600 multifamily units. As of December 31,
2023, DRA has $12.9 billion in gross assets under management.
http://draadvisors.com
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Jordan Rankin, Antenna Group 646.887.2699
Jordan.rankin@antennagroup.com