Bridge Investment picks up downtown Miami’s Museum Tower for $65M

This is the fourth office acquisition Bridge Investment has made this year in South Florida

TRD MIAMI /
Oct.October 25, 2019 12:30 PM
150 West Flagler Street, Robert Morse, executive chairman of Bridge Investment (Credit: Google Maps and Getty Images)

150 West Flagler Street, Robert Morse, executive chairman of Bridge Investment (Credit: Google Maps and Getty Images)

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.


Related Articles

arrow_forward_ios
Renderings of the project with Yair Levy

Diamond in the rough? Downtown Miami Metro Mall to get $35M makeover

Moishe Mana and 201 Southwest First Street (Credit: Google Maps)

Mana buys more land in downtown Miami for master plan

One Thousand Museum and Ravichandra Saligram 

Consumer conglomerate CEO buys condo at One Thousand Museum

Zaha Hadid and One Thousand Museum (Credit: Getty Images)

PHOTOS: Inside Zaha Hadid’s Miami tower

Olympia Theater (Credit: Getty Images)

Maurice Gusman heirs sue city of Miami to regain ownership of Olympia Theater

Rendering of downtown Miami courthouse to be built by Plenary Group and Miami-Dade County

All rise: Miami-Dade commissioners approve $267M downtown Miami courthouse project

Moishe Mana and 25 West Flagler Street

Moishe Mana buys City National Bank building in downtown Miami

One Thousand Museum and Krinos owner Eric Moscahlaidis

Krinos Foods owner revealed as buyer of One Thousand Museum condos

arrow_forward_ios
Loading...