Update, May 22, 6:00 pm
Downtown Miami’s largest owner, Moishe Mana, bought the Museum Tower office building for $73.8 million, real deal Learned.
Mana bought the 28-story building at 150 West Flagler Street with plans to attract lawyers and other legal professionals, he confirmed TRDWhile he declined to disclose the price, social media real estate firm Traded reported it at $73.75 million.
“The streets are full of lawyers [in downtown,] They have no place to sit, no place to do any business between courts,” Mana said.
Mana said he hopes both the museum building and the adjacent 172 West Flagler Street building, which he also owns, will cater to the needs of the legal profession.
Bridge Investment Group, based in Salt Lake City, Utah, sold the museum building, according to records. The company paid $64.6 million for the building in 2019. It’s about 250,000 square feet, and its latest sales are about $295 per square foot.
Mika Mattingly and Cecilia Estevez of Colliers represented the buyers. CBRE’s Christian Lee and Sean Kelly represented the seller.
The building is approximately 90% leased. Tenants include Bank of America, as well as law firms Stearns Weaver Miller Weissler Alhadeff & Sitterson and Luks Santaniello Petrillo Cohen & Peterfriend.
Museum Tower is the latest addition to Mana’s extensive portfolio along and adjacent to Flagler Street. He’s been accumulating properties over the years, spending more than $5 billion on properties that measure approximately 1.5 million square feet.
