CP Group Announces Nearly 40,000 SF of Leasing at Miami Tower in Downtown Miami

Iconic office tower signs seven new tenants, two renewals, and one expansion amid multimillion-dollar renovations program

MIAMI--(BUSINESS WIRE)--CP Group, Florida’s largest office landlord and a prominent owner-operator of office properties throughout the Sunbelt, along with DRA Advisors, today announced it has executed nearly 40,000 square feet of leasing agreements at Miami Tower — its 47-story, Class A office tower in the heart of Downtown Miami – since the start of the year.

The executed deals include seven new leases, two lease renewals, and one expansion with a diverse range of companies, including law firms, financial service companies, and healthcare providers. All seven of the new tenants signed leases for Miami Tower’s newly completed spec suites.

• Two Chairs, a behavioral healthcare company new to the downtown Miami market, signed a lease for a 2,600-square-foot spec suite. Clay Sidner of Newmark represented the tenant.
• GTS Group, a financial services company with locations in New York and Chicago and also new to the market, signed a lease for a 2,900-square-foot spec suite as the location for its Miami office. Noa Figari of Corcoran Group represented the tenant.
• Shubin Law Group, a law firm specializing in land use, zoning entitlement matters, and related litigation, signed a lease for a 5,200-square-foot spec suite. Randy Carballo of CBRE represented the tenant.
• Weisberg Kainen Mark, PL, a tax law and criminal defense law firm, signed a lease for a 2,000-square-foot spec suite, relocating from Brickell. Tony Puente of Fairchild Partners represented the tenant.
• Latin Securities, an investment advisory firm, signed a lease for a 4,000-square-foot spec suite, also relocating from Brickell. Sebastian Faerman of FA Commercial represented the tenant.
• NormanMax Insurance Group, a reinsurance group, signed a lease for a 4,500-square-foot spec suite as its second office location and first Miami office. Michael Feuerman and Daniel Silver of Berger Commercial Realty represented the tenant.
• Mamone & Villalon, a litigation and business law firm, signed a lease for a 2,600-square-foot spec suite as its second office location.
• Assouline & Berlowe, a business litigation and transactional law firm, signed a lease for 6,500-square-feet, to relocate and expand its footprint within the building. Sharon Ellis and Brent Palmer of Palmer Property Group represented the tenant.
• H&R Block, a national tax preparation company, renewed its lease.
• Transwestern, a commercial real estate company, renewed its lease. Glenn Gregory of Transwestern represented the tenant.

Gordon Messinger and Randy Carballo of CBRE represented the landlord in each agreement. All incoming tenants will be moved into their respective spaces by this fall.

“As our two firms, Shubin Law Group and The Euclid Group, expand throughout the state, Miami Tower provides us and our clients seamless connectivity through its close proximity to public transit and the Brightline and represents a significant investment in our future,” said John Shubin, Shubin Law Group’s Founding Partner. “Being located in the heart of Downtown Miami, with access to top-tier amenities, creates a dynamic and vibrant environment for our teams whose advisory and legal expertise bring forward-thinking projects to life.”

With the success of the new spec suites thus far—part of CP Group’s ‘worCPlaces’ flexible workspace—CP Group has just two remaining move-in-ready spec suites at Miami Tower available for lease (2,950 and 4,650 square feet) and is planning to construct another full floor of spec suites to continue to meet the demand.

CP Group acquired the building in 2022 and is currently underway on a multimillion-dollar renovation project that will revitalize and expand its amenities with a reimagined first-floor arrival and sky lobby with new café and barista stand; a tenant lounge and huddle space; and a brand-new conference center.

“We are committed to enhancing this iconic property, aligning its amenities with its prime location and prestigious tenant roster,” said John Osborne, Senior Vice President at CP Group. “Our ongoing renovations are refining the tower's timeless allure and catering to the growing demand in the market. The leasing success of our turnkey spec suites underscores the need for modern, customizable workspaces to meet today's evolving business needs."

Designed by the late Pritzker-winning architect I.M. Pei, the 635,911-square-foot office tower is one of the most recognizable properties in Miami, best known for its dramatic exterior glass tiers and elaborate LED light installations. Adding to the tower’s iconic status, it was also featured in Gloria Estefan’s music video for her hit song “Turn the Beat Around.” Constructed in 1987 for CenTrust Bank, the property consists of 37 floors of office space with ten floors of parking; street-level retail space; an 11th-floor Sky Lobby and event space spanning 13,148 square feet; and a large exterior Sky Terrace with a pool and garden.

In addition to the on-site retail, conference center, and event spaces, the property also boasts a private fitness center. Miami Tower is ideally located—nestled between the SE 2nd Street on-ramp and the SE 3rd Street off-ramp to Interstate 95—offering tenants unmatched connectivity as well as access to a wide range of upscale hotels, dining options, and residential offerings in the heart of Downtown Miami. Less than seven miles from Miami International Airport, it also features an on-site Metro rail station and adjoins the Hyatt Regency Miami.

About CP Group

Active in the commercial real estate business for over 35 years, CP Group has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, CP Group has acquired and managed over 170 properties, totaling over 62 million square feet, valued at nearly $8 billion. The firm is currently among the 25 largest office landlords in the United States. Headquartered in Boca Raton, Florida, the firm has a corporate office in Atlanta and regional offices in Charlotte, Denver, Miami, Jacksonville, Dallas, and Washington DC. To learn more about the company, visit CPGcre.com.

About DRA Advisors

DRA Advisors LLC is a New York-based registered investment advisor with approximately 100 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies. Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring approximately $40 billion of real estate. The acquisitions include 94 million square feet of industrial, 65 million square feet of office, 87 million square feet of retail and 85,600 multifamily units. As of December 31, 2023, DRA has $12.9 billion in gross assets under management. http://draadvisors.com