PCCP, CP Group Sell One Downtown to Moishe Mana for $110M

Moishe Mana, already downtown Miami’s biggest landlord, gobbled up another office tower for $110 million, solidifying his status as the neighborhood’s real estate king.

Mana bought the 31-story, 450,000-square-foot One Downtown at 1 Southeast Third Avenue, according to a news release from Mana’s firm Mana Common. Los Angeles-based PCCP and Boca Raton-based CP Group were the sellers, according to records.

The deal breaks down to $244 per square foot.

Christian Lee and Sean Kelly were part of the CBRE team that represented the sellers.

PCCP paid $127 million in 2018 for the tower, which at the time was called SunTrust International Center. The seller in that trade, CP Group, kept an ownership stake, according to records.

The sellers completed a multimillion dollar renovation of the tower, Mana Common’s release says. TCRE will be leasing the tower.

In recent years, several new leases were signed, including with travel insurance firm HealthCase for 7,900 square feet, as well as with developer Newgard and digital marketing agency On The Map. Last year, Simpro Group, an Australian firm that uses AI to simplify and power contractor jobs at commercial and residential properties, took space at One Downtown for its North America headquarters

Mana, who started investing in Miami in 2009, has amassed 80 buildings in downtown Miami, where for years he has planned a campus-like hub for tech firms and entrepreneurs from North America and Latin America. In the past, he also has talked about building residential buildings targeting employees at the firms he envisions tenanting his buildings.

Mana also owns about 45 acres in Miami’s Wynwood, including the Mana Common event space.

His downtown Miami project, however, has no new ground-up construction completed, though he has revamped existing buildings.

Over the years, Mana has often used words such as “innovation,” “ecosystem” and “connectivity” to describe his vision that’s hooked on Miami being the heart of the Western Hemisphere connecting Latin America and North America. It’s not so much about renovating and building buildings as it is about curating tenants and creating communities, Mana told The Real Deal in 2024.

“I don’t like to build half-assed product,” Mana said at the time. “It’s not about the money. For me, it’s more of a legacy.”

Most recently, Mana completed the renovation and buildout of the 13-story building at 155 South Miami Avenue, called the Nikola Tesla Innovation Hub in a nod to the building targeting life science, technology and other innovative companies.

His latest sizable downtown Miami purchase was Museum Tower, which he reportedly bought for about $75 million in 2023.

Part of the reason for the years-in-the-making project, Mana has said in past interviews, is that the city’s Flagler Street beautification project also has been delayed. Mana has played a major role in that project, including fundraising.

His recent One Downtown purchase coincided with the city of Miami completing the third segment of the Flagler streetscape. Two more phases remain and the entire project is expected to be completed in April, according to a Miami news release.

Launched in 2021, the Flagler streetscape was initially expected to cost about $13 million, the price tag has ballooned to about $33 million since then, according to media reports.