Bridge Investment Adds Miami’s Museum Tower to Portfolio
The purchase of the 29-story office tower follows Bridge Investment’s purchase of the Offices at Flagler Station and the Offices at Doral Square.
MIAMI—Bridge Investment Group of Salt Lake City has acquired the nearly 260,000-square-foot Museum Tower office building here.
The purchase of the 29-story office tower follows Bridge Investment’s purchase of the Offices at Flagler Station and the Offices at Doral Square, both in the Doral submarket in August. The addition of Museum Tower, located at 150 West Flagler, marks the firm’s seventh transaction in South Florida.
No financial terms of the transaction were disclosed. Museum Tower is one of the most recognizable structures in the city’s skyline with its reflective glass curtain wall and signature twin, i-beam exterior. José Lobón and Christian Lee with CBRE represented the seller in the transaction. The law firm of Kapp Morrison LLP served as the closing attorney.
Bridge Investment plans to invest $4.5 million in amenities and other enhancements at Museum Tower, which was built in 1986, including restroom upgrades and new common area finishes throughout, addition of a building conference center and lobby, and exterior improvements.
“The acquisition of Museum Tower brings Bridge Office to the heart of Miami’s new emerging center for arts, culture and technology, with premier access to mass transit, retail, and restaurants. With a Transit Score of 100 and a Walk Score of 96, the location of Museum Tower alone provides office workers with unparalleled amenities from morning until night,” says Kelly Kuykendall, director of asset management for Bridge Investment Group.
More than $3 million of capital has been invested in the building since 2016, including upgrades to HVAC and security systems, an overhauled fire alarm system, roof upgrades, a state-of-the-art fitness center complete with towel service and a full elevator modernization currently underway.
Nearby, a $27-million makeover of the Historic Flagler Street streetscape is underway. The project is bringing an influx of new development to the area, along with an improved pedestrian experience that incorporates a cobblestone street design, high-end street lighting, new bike racks, enhanced crosswalks and wider, curbless sidewalks for café seating shaded by a canopy of trees and awnings, according to Bridge Investment.
In addition to Museum Tower, Bridge also owns Sawgrass Technology Park in Sunrise; BayView Corporate Tower in Fort Lauderdale; Fountain Square in Boca Raton and 5601 Hiatus Road in Tamarac.
Bridge Commercial Real Estate LLC, the operating company for Bridge Office, will oversee all property management and redevelopment work at Museum Tower. Renovations will begin immediately, with completion scheduled for 2020.