Moishe Mana Buys Discounted Downtown Miami Office Tower for $110M

Moishe Mana’s shopping spree continues. The Miami-based real estate investor paid $110 million for an office tower in Downtown Miami, nabbing a nearly 14 percent discount from the property’s last trade eight years ago. 

The 31-story high-rise — formerly known as SunTrust International Center and now called One Downtown — faces East Flagler Street, a block west of Bayfront Park, at 1 Southeast Third Avenue. 

Constructed in 1969, the 770,195-square-foot building includes 450,000 square feet of office space and a 750-spot parking garage, as well as ground-floor retail space leased in part to Walgreens and Bank of America. The tower is 75 percent occupied, according to a representative for Mana.

CBRE’s Christian Lee, Sean Kelly, Tom Rappa and Matthew Lee brokered the sale. Pacific Coast Capital Partners (PCCP) had purchased the asset for $127 million in 2018, according to property records. The California-based seller performed a multimillion-dollar renovation, per Mana, who declined to provide the exact figure. 

“We believe in the Flagler District, and we will continue to increase our investment in South Florida,” Mana said in a statement. 

Since 2009, Mana has been buying properties in Wynwood and Downtown Miami. Today he owns 80 downtown buildings, making him one of the city’s biggest landowners. His long-term vision is to turn the area around Flagler Street into a walkable, mixed-use business district. 

Mana is almost done renovating a 13-story building, now called the Nikola Tesla Innovation Hub, which dates to 1980, yet many of Mana’s properties have yet to receive the same treatment. The district remains home to a number of dilapidated buildings and a noticeable homeless population — unlike Brickell, the neighboring district, which has seen a rush of luxury developments since the pandemic.

A representative for PCCP did not immediately respond to a request for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.