Monarch Alternative Capital Buys Majority Interest in Miami’s Citigroup Center
A global investment firm is banking on Miami transplants.
Monarch Alternative Capital purchased a majority interest in the Citigroup (C) Center in Downtown Miami, one of the largest office towers in the city. The company will take a 90 percent stake for $300 million, The Real Deal first reported.
The 34-story tower, which spans more than 800,000 square feet, is 70 percent leased, including to Citigroup.
“We believe that the Citigroup Center is well-positioned to capture growing demand for office space in Miami as existing Florida tenants look to upgrade their office space and companies across various industries enter the market,” Monarch’s Joshua Acheatel, an investment professional, said in a statement.
A representative of Cushman & Wakefield (CWK), which represented the seller, declined to comment on the price or size of the stake in the property. Monarch did not immediately respond to a request for comment.
The investment firm purchased the interest in the 201 South Biscayne Boulevard property from Boca Raton-based CP Group, formerly known as Crocker Partners. Monarch plans to operate the property in partnership with CP Group, as well as Tourmaline Capital Partners.
Monarch plans to complete renovations in the building that were started by the previous owners.
The property, built in 1983, was last sold in 2000 for $115 million by Crescent Real Estate Equities. The building holds such tenants as Citigroup, Morgan Stanley, eatery Kabuki and three law firms, according to C&W.
CP Group was represented by Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Adam Spies, Mike McDonald, Rick Brugge, Rick Colon, and Miguel Alcivar, with support from Zach Eicholtz.