CP Group, formerly known as Crocker Partners, has expanded its Miami office portfolio to 2 million square feet. A joint venture between CP Group, Rialto Capital Management and Sabal Capital Partners has acquired One Biscayne Tower. CP Group also owns the SunTrust International Center and Citigroup Center.
The 38-story office tower is LEED Gold and Wired certified and offers a fitness center and newly renovated parking garage. It is currently 65% leases, and CP Group plans to drive leasing through a rebrand and strategic building improvements to the exterior, lobby, gym, on-site café and conference center as well as to the tenant floors.
CP Group managing partner Angelo Bianco says that the purchase was an opportunity for the firm to take advantage of the tremendous growth in the Miami market, saying the building is among the city's most "prestigious office destinations."
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Kelsi Maree Borland
