Bridge Investment Group paid $64.6 million for downtown Miami’s Museum Tower, marking the company’s fourth office acquisition in South Florida this year.
The Salt Lake City-based investment firm bought the 259,666-square-foot Class A office tower at 150 West Flagler Street for $250 per square foot, records show. Dallas-based Gaedeke Group sold the building.
Gaedeke Group paid $27.5 million for the property in 1995, according to records.
José Lobón and Christian Lee with CBRE represented the seller in the deal.
Tenants at the building include Bank of America and law firms Stearns Weaver Miller and Foster-Morales Sockel-Stone.
More than $3 million of capital has been invested in the building since 2016, according to a press release. Bridge plans to invest an additional $4.5 million in improvements. It is also building a conference center, lobby, and exterior improvements, the release said.
Bridge is investing heavily in South Florida’s office market. In August, Bridge Investment bought two office properties in Medley and Doral for nearly $123 million. The company also purchased the Sawgrass Technology Park in Sunrise; BayView Corporate Tower in Fort Lauderdale; Fountain Square in Boca Raton and 5601 Hiatus Road in Tamarac.
Museum Tower is close to Flagler Street, an area that has seen a surge of investment, much of which has come from developer Moishe Mana. Over the past several years, Mana has become downtown Miami’s biggest landlord with roughly 45 properties on and near Flagler Street. But he’s been slow to actually build anything. Recently, Mana said he’s ready to move forward with his plans for the area.
Salt Lake City-based Bridge Investment Group has $16 billion in assets under management, according to its website. The company has raised $500 million for an Opportunity Zone fund. The fund plans to invest in 12 developments across eight cities, including Queens, N.Y., where Willets Point has seen the most Opportunity Zone activity in the five boroughs.