Moishe Mana Acquires One Downtown Office Tower in Miami for $110 Million as Flagler Work Advances

Deal adds another major property to Mana’s downtown portfolio

Moishe Mana has purchased One Downtown, a 31-story office tower in downtown Miami, for $110 million, expanding a holdings footprint that has steadily grown in the city’s urban core over more than a decade. The property is located at 1 Southeast Third Avenue and totals roughly 450,000 square feet.

The sellers were real estate investment firm PCCP and CP Group. The transaction equates to about $244 per square foot. The building previously operated under the name SunTrust International Center and sits within the central business district, near key transit connections and the Flagler Street corridor.

Recent capital improvements and leasing activity

The tower had undergone a multimillion-dollar renovation prior to the sale. Leasing for the building is being handled by TCRE, and multiple tenants have signed or expanded commitments in recent years.

• HealthCase leased approximately 7,925 square feet.
• Developer Newgard leased about 5,318 square feet.
• Digital marketing agency On The Map leased about 4,117 square feet.

Additional office users have also taken space in the building, reflecting ongoing demand for renovated inventory in the downtown submarket.

How this purchase fits into downtown market dynamics

The sale occurs as downtown Miami continues to navigate shifting office-market conditions, including tenant preferences for upgraded amenities and well-located buildings. One Downtown’s scale and recent improvements position it among the larger vintage towers that have been reintroduced to the market through modernization rather than new construction.

For the sellers, the deal also crystallizes a pricing point for renovated downtown office product. PCCP acquired the building in 2018 for $127 million, with CP Group maintaining an ownership stake after that transaction.

Flagler Street streetscape project reaches another milestone

The timing also coincides with measurable progress on the Downtown Flagler Street Beautification Project, a multi-phase streetscape overhaul intended to improve walkability, lighting, signage, and public-space design along a historic commercial corridor. City announcements this week marked the completion and reopening of Section C (the third segment). Sections D and E remain in progress, with anticipated completion in March 2026 and April 2026, respectively.

The Flagler project has been closely watched by downtown property owners and businesses because construction phasing has influenced access, pedestrian circulation, and day-to-day operations along parts of the corridor.

Recent precedent: Mana’s 2023 Museum Tower purchase

Mana’s latest acquisition follows other downtown transactions, including the 2023 purchase of Museum Tower at 150 West Flagler Street for roughly $74 million. Together, these deals highlight continued investment activity focused on established towers and strategic locations near Flagler Street and the Government Center area.