Monarch Alternative Capital To Acquire 90 Percent Stake In A Downtown Miami Office Tower For $300 Million
Monarch Alternative Capital is taking over Townsend Group’s interest in Citigroup Center, a 34-story office building and adjacent nine-story parking garage at 201 South Biscayne Boulevard, according to sources familiar with the deal.
Crocker Partners will keep the remaining ownership stake.
The deal, which is under contract, would mark the largest office sale in Miami since at least 2019.
Boca Raton-based real estate investor Crocker Partners paid $262.5 million for the property in 2012.
Citigroup Center’s office building spans 813,000 square feet and is about 70 percent leased to tenants with a roughly six-year weighted average lease term, according to marketing materials from Cushman & Wakefield.
A Cushman & Wakefield team led by Adam Spies and Mike McDonald is marketing the property for sale. Blanca Commercial Real Estate was tapped to handle leasing of the tower in September.
Source: The Real Deal
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