Moishe Mana has acquired the One Downtown office tower in Miami for $110 million, further increasing his presence as a major property owner in the area. The 31-story building, located at 1 Southeast Third Avenue, spans 450,000 square feet. The purchase price equates to $244 per square foot.
The sellers were Los Angeles-based PCCP and Boca Raton-based CP Group. CBRE’s Christian Lee and Sean Kelly represented the sellers in the transaction. PCCP had previously bought the tower, then known as SunTrust International Center, for $127 million in 2018, with CP Group retaining an ownership stake.
Since that time, the sellers invested in significant renovations to upgrade the property. Leasing for One Downtown will be managed by TCRE.
Recent leasing activity at One Downtown includes agreements with HealthCase, a travel insurance company that leased 7,900 square feet; developer Newgard; and digital marketing agency On The Map. In addition, Simpro Group from Australia established its North American headquarters in the building last year.
Mana began investing in Miami real estate in 2009 and now owns approximately 80 buildings downtown. He has long planned to create a hub for technology firms and entrepreneurs from both North America and Latin America within these properties. In previous statements, he has also mentioned plans to build residential units aimed at employees of future tenant companies.
He also holds about 45 acres of land in Wynwood, including the Mana Common event space. While his downtown Miami initiative has not included new ground-up construction so far, Mana has focused on renovating existing buildings.
Mana described his approach to The Real Deal in 2024: “I don’t like to build half-assed product,” he said at the time. “It’s not about the money. For me, it’s more of a legacy.”
Recently completed projects include the renovation of a 13-story building at 155 South Miami Avenue, now called the Nikola Tesla Innovation Hub and intended for life science and technology tenants.
In 2023, Mana purchased Museum Tower for around $75 million as part of his ongoing investments.
Delays have affected some aspects of Mana’s broader project due to setbacks with Miami’s Flagler Street beautification effort—a project where Mana has been actively involved through fundraising efforts. His latest acquisition comes as Miami finished work on the third segment of Flagler streetscape improvements. Two phases remain before completion is expected in April. Originally budgeted at about $13 million when launched in 2021, media reports indicate costs have since increased to roughly $33 million.
Over time, Mana has often used terms such as “innovation,” “ecosystem,” and “connectivity” when describing his vision for downtown Miami as a central link between Latin America and North America communities.
