CP Group is steadily landing more tenants for its 38-story office tower in downtown Miami. The firm secured two leases totaling 46,000 square feet at One Biscayne Tower.
The transactions include a new 26,000-square foot lease for shared workspace provider Quest Workspaces and a renewal of transportation and shipping company CMA CGM Group’s 20,000-square-foot lease. Newmark’s Lance Benson represented Quest Workspaces, while Jeremy Hakala and Clay Sidner represented CMA CGM Group.
The Class A office tower currently has floorplates ranging from 11,500 to 52,000 square feet open for leasing. One Biscayne Tower’s amenities include a fitness center, a parking garage, electric vehicle charging stations and on-site retail. The building also earned its LEED Gold and Wired certifications.
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CP Group is still working on its multimillion-dollar capital renovation program that will see improvements to the building’s exterior, upgrades to the existing on-site cafe, lobby, fitness center and tenant floors. The firm is also planning to add a conference center to One Biscayne Tower.
Bullish on downtown Miami’s office sector
CP Group acquired One Biscayne Tower more than a year ago in June 2021 along with funds managed by Rialto Capital Management and Sabal Capital Partners. The partners acquired the Miami office tower for $225 million. The property was 65 percent leased at the time.
Since then, the owners also leased two full floors totaling 51,000 square feet to Royal Caribbean at the end of 2021. Along with Quest Workspaces’ new lease, One Biscayne Tower is now 77 percent occupied, with other tenants including Suffolk Construction, Stantec Architecture and Nelson Mullins.
John Osborne, senior vice president at CP Group, said in prepared remarks that the firm recognized the opportunity to land top-tier tenants in downtown Miami with high quality amenities and a strong location. Osborne added in his prepared statement that CP Group is expecting to see continued interest in One Biscayne Tower and all of the firm’s other downtown Miami assets.
Besides One Biscayne Tower, CP Group owns several other office properties in downtown Miami. The firm acquired the 636,000-square-foot Miami Tower along with DRA Advisors for $163.5 million in July. CP Group’s portfolio also includes the 810,000-square-foot Citigroup Center, the more than 1 million-square-foot The Landing at MIA and the 440,000-square-foot SunTrust International Center, all in downtown Miami.