Dow Chemical Sells One Biscayne Tower In Miami For $225 Million

CP Group has made a joint venture with funds controlled by Rialto Capital Management and Sabal Capital Partners to buy the 38-story One Biscayne Tower for $225 million.

Dow Chemical, a subsidiary of Dow, traded the property, which did manage by L&R Realty on the multinational chemical company’s part.

According to Brett Reese, senior vice president of CP Group, the joint venture thought of an existing mortgage on the property, a $115 million loan that Dow Chemical received from lender John Hancock.

The 982,000 Sq Ft. property, positioned at 2 South Biscayne Boulevard, last sold in 1995 for $87.3 million and is 65% rented.

The deal follows CP Group’s sale of a 90% support in Citigroup Center to Monarch Alternative Capital for $300 million.

The tower is headquarters to architecture firm StantecSuffolk Construction, and many law firms.

CP Group, formerly Crocker Partners, planning to renovate the skyscraper’s lobby, gym, lower basement level, and outer facade and also planning to renew an existing cafe, Premo’s Deli, and add a convention center.

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