The Real Deal Miami

Midgard Management buys One Flagler

May 28, 2010 04:00PM

One Flagler was designed by Morris Lapidus

Midgard Management, based in Fort Lauderdale, has purchased Miami’s
15-story, 154,559-square-foot One Flagler office building, in a
distressed buy. The building was the subject of a foreclosure action by
Mellon United Bank in June after One Flagler Development and its three
managers missed payments on a $30 million mortgage. The purchase price
was withheld, but, in a unique strategy, Midgard Management has assumed
the place of the plaintiff and the defendant in the foreclosure action,
according to Miami-Dade Circuit Court records. One Flagler is located
at 14 N.W. First Avenue in downtown Miami. [SFBJ]