Monarch Alternative Capital LP has acquired a majority interest in the Citigroup Center office building located in downtown Miami, its fifth office building investment in 2021.

Monarch, an investment firm with approximately $9 billion of assets under management, says that these five acquisitions exemplify its strategy of capitalizing on the disruption in the office sector by focusing on well-located Class A properties within growing metropolitan areas.

The asset quality of the Citigroup Center and macro tailwinds in the Miami market stemming from the pandemic and relocation trends drew Monarch to the property. The 34-story and 809,594 square-foot renovated property is the second largest Class A office building in Florida. Monarch plans to finish renovations undertaken by the prior owners and open a dining option within the property.