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Moishe Mana has acquired One Downtown, a Class A office tower located at 1 SE 3rd Avenue, in a transaction valued at $110 million. The seller in the deal was PCCP. Public records show that the property last traded in 2018 for $127 million, indicating a lower valuation in the current sale compared with its previous transaction.
CBRE brokered the sale, with a capital markets team led by Christian Lee, Sean Kelly, Tom Rappa and Matthew Lee. The transaction adds another large, institutionally marketed office asset to Mana’s portfolio, underscoring his interest in established, amenity-rich office properties.
Formerly known as the SunTrust International Center, One Downtown is a 31-story tower originally completed in 1969. The property has undergone a multi-million-dollar renovation program, upgrading its common areas, systems, and amenities to contemporary Class A standards. Following these improvements, the building is reported to be 90% occupied, signaling solid tenant demand for the asset.
The office tower totals approximately 450,000 square feet and offers a broad suite of on-site amenities designed to support both tenant convenience and employee experience. Building features include a rooftop terrace and a state-of-the-art fitness club, as well as modern conference facilities suitable for meetings and events.
Additional infrastructure at the property includes electric vehicle charging stations and a 750-spot parking garage, providing significant on-site parking capacity for tenants and visitors. Vertical circulation is supported by 11 high-speed elevators offering direct access throughout the building, enhancing efficiency and ease of movement during peak hours.
On-site services and retail offerings further differentiate One Downtown within the competitive office landscape. The property houses on-site dining options, dry cleaning services, and car wash facilities, allowing occupants to address daily needs without leaving the building. A Walgreens Pharmacy and a Bank of America banking center are also located on-site, adding healthcare, convenience retail, and financial services to the tower’s amenity mix.
The combination of Class A upgrades, strong occupancy, and a diversified amenity package positions One Downtown as a modernized, multi-tenant office destination. The latest trade provides a reference point for pricing of renovated, well-leased office towers of similar vintage in the current market environment.
The post Moishe Mana Buys One Downtown Miami Office Tower for $110M appeared first on CRE Market Beat.
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