Moishe Mana just tightened his grip on downtown Miami, scooping up the One Downtown office tower at 1 Southeast Third Avenue for $110 million on Wednesday. The 31-story high-rise folds into Mana's growing Flagler District assemblage as the city moves forward on long-awaited streetscape work along Flagler Street. The purchase further concentrates Mana's hold on downtown office inventory and signals continued investor interest in central Miami office stock.
The purchase was announced in a news release and, according to The Real Deal, the sellers were Los Angeles-based PCCP and Boca Raton-based CP Group. The outlet reports that the transaction price equates to roughly $244 per square foot and that Christian Lee and Sean Kelly of CBRE represented the sellers.
Leasing materials for One Downtown list Tower Commercial Real Estate as the leasing agent and tout amenities ranging from a rooftop terrace to an on-site Walgreens and bank, according to One Downtown. Commercial listings on LoopNet put the tower at roughly 440,000 square feet and highlight the building's large floor plates and recent renovations.
One of the highest-profile recent tenants is Simpro Group, which in December said it will establish its North America headquarters at One Downtown and has secured exterior signage rights as part of its lease, according to the company’s release. Simpro said the Miami office will anchor a planned expansion that could grow into hundreds of jobs over the next year, a sign that some employers still see downtown Miami as a viable hub.
Mana has spent years assembling properties across the Flagler District and Wynwood under the Mana Common umbrella, and the firm has pointed to recent refinancing and acquisitions as evidence of its long-term plan for the neighborhoods. Mana Common’s communications note both the Wynwood refinancings and downtown investments as part of a strategy to curate tenants, community spaces and creative uses rather than build purely speculative product, per Mana Common.
Flagler Street Makeover Lines Up With Mana's Move
The timing of the One Downtown purchase comes as the city advances work on the Flagler streetscape project, which has seen costs rise and segments completed over the last several years, a development noted in coverage of the sale. That street-level investment is central to Mana’s pitch for reviving Flagler Street, and the new ownership stake realigns control of a major office block just as the corridor is being retooled.
The addition of One Downtown hands Mana another major leasing platform in the heart of downtown, and local brokers say the buyer's scale could create opportunities for coordinated leasing and signage across his properties. For now, the full financials beyond the sale price have not been disclosed, but the deal underlines how concentrated ownership is reshaping Miami's central business district.
