CP Group Announces Five New Leasing Agreements For 32,000 SF Office Space At One Biscayne Tower Downtown Miami
2 S Biscayne Blvd Miami, FL 33131, USA
$63
$63/SF
Building Size
32,000 SF
Asset Type
Office
Closing
May 8, 2023
AI
CP Group, Florida's largest office landlord, has announced five new leasing agreements totaling over 32,000 square feet at One Biscayne Tower, a Class A office tower in Downtown Miami. The tower is currently undergoing a multi-million-dollar capital improvement project, which includes a complete exterior makeover and upgrades to the lobby, tenant floors, and the addition of a high-end café and a new restaurant.
Summary of transaction details
- Property Type: Office
- Transaction Amount: N/A
- Address: 2 South Biscayne Boulevard
- Market: Downtown Miami
CP Group is the landlord of the property, while Fundkite, Telecom Italia Sparkle, Taylor English, Applied Value, and Valley Forge Capital Management are the tenants. The leasing agreements were facilitated by Brian Gale, Andrew Trench, Ryan Holtzman, and Lena Weeks from Cushman & Wakefield, who represented the landlord. Adam Talbot from Cresa and Tony Jones from Cushman & Wakefield represented the tenants, along with Christopher Harak from Blanca and Shay Pope from CBRE.
Players
Miami Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
251793.65%
Cash-on-Cash
-71963.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93