The asset involved in this transaction is One Biscayne Tower, a 38-story office tower located at 2 S Biscayne Blvd, Miami, FL, 33131. The sale was completed for a price of $225,000,000. The property does not have specified square footage in this transaction context, and it is situated in the Miami market.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $225,000,000
• Seller: Dow Chemical
• Buyer: Sabal Capital Partners
• Market: Miami
• Seller's Representatives: José Lobón-CBRE, Amy Julian-CBRE
• Leasing Team involved: Brian Gale, Andrew Trench, Ryan Holtzman from Cushman & Wakefield

CBRE’s Christian Lee and José Lobón, along with Amy Julian from CBRE’s Debt & Structured Finance group, represented the seller in the transaction. CP Group, in a joint venture with funds managed by Rialto Capital Management and Sabal Capital Partners, has now expanded its holdings in downtown Miami to over 2 million square feet with this acquisition. The property was managed by L&B Realty for the last 20 years on behalf of Dow Chemical.