OfficeClosedacquisition

One Downtown

1 Southeast Third Avenue, Miami, FL·Mar 13, 2026, 7:30 PM

Deal Size

$18.0M

Cap Rate

Est. 6.65%

$/SF

—

Size

450K SF

Occupancy

—

Market SignalBearish (moderate/10)

The acquisition price of $110 million for the One Downtown office building represents a significant loss from the $127 million purchase price in 2018, indicating potential market weakness or asset-specific issues. The lack of disclosed cap rate, occupancy, and WALT data makes it difficult to assess the income-generating potential and risk profile of the asset. Given these uncertainties and the apparent depreciation in value, this investment carries high risk without clear compensating factors.

Buyer Strategy

Moishe Mana's acquisition may indicate a long-term strategic play, potentially focusing on value-add or repositioning opportunities given the asset's price drop. Mana's portfolio strategy often involves urban redevelopment, which could align with such an approach.

Seller Motivation

PCCP and CP Group's sale at a loss suggests potential portfolio rebalancing or a strategic exit from a non-performing asset. The sale could be driven by broader market conditions or asset-specific challenges.

Market Signal

This transaction signals potential softness in the Miami office market, particularly for older assets. The significant price drop compared to the 2018 purchase price may reflect broader challenges in the office sector, such as remote work trends. The buyer's profile suggests continued interest in urban assets despite these challenges, potentially indicating a belief in long-term market recovery.

Parties

Buyer

Moishe Mana

Seller

PCCP and CP Group

Broker

CBRE

Location Analysis

Primary Market

Major employers include American Airlines, Royal Caribbean, and the University of Miami, with strong sectors in tourism, finance, and healthcare.

Miami has experienced significant population growth and migration, driven by favorable tax policies and a warm climate. The city is attracting both domestic and international residents, contributing to a robust real estate market.

The Miami office market is competitive with several high-profile assets. Recent transactions suggest a challenging environment for office space, with potential oversupply and shifting demand dynamics.

Data on new developments in the Miami office market is not available in the provided content. However, Miami's ongoing urban development suggests a potential increase in office supply.

Value-Add

Without occupancy and WALT data, assessing value-add opportunities is challenging. The price drop since 2018 suggests potential for repositioning, but specifics are unclear.

Tenant Assessment

Mixed

Risk Factors

Significant depreciation from previous purchase price

High

Conduct a thorough due diligence process to identify underlying issues contributing to the asset's depreciation and assess potential for repositioning or operational improvements.

Market Comparables

Unnamed

Miami · Office · acquisition

$19.0M

Unnamed

Davie · Office · acquisition

$12.0M

former Expansive Edgewater office building at discount

Miami · Office · acquisition

$19.0M6.65% cap

Unnamed

Doral · Office · acquisition

$63.0M9.00% cap

Boca Corporate Plaza

Boca Raton · Office · refinancing

$35.0M9.00% cap