Moishe Mana has acquired the One Downtown office tower in Miami for $110 million, further expanding his presence as a major property owner in the city’s downtown area. The 31-story building, located at 1 Southeast Third Avenue, covers 450,000 square feet. The purchase price amounts to approximately $244 per square foot.
The sellers of the property were Los Angeles-based PCCP and Boca Raton-based CP Group. According to public records, PCCP had previously purchased the tower in 2018 for $127 million when it was known as SunTrust International Center. CP Group retained an ownership stake following that transaction.
Mana Common, Mana’s firm, stated that the sellers recently completed a multimillion-dollar renovation of the building. TCRE will handle leasing responsibilities for One Downtown.
Several companies have signed leases at One Downtown in recent years. These include HealthCase, which leased 7,900 square feet; developer Newgard; digital marketing agency On The Map; and Simpro Group—an Australian company specializing in AI solutions for contractor jobs—which established its North American headquarters at the property last year.
Since beginning his investments in Miami in 2009, Mana has acquired about 80 buildings in downtown Miami. He has expressed plans to create a campus-like environment aimed at attracting technology firms and entrepreneurs from both North America and Latin America. In addition to commercial spaces, he has also discussed developing residential buildings intended for employees of these firms.
Mana owns roughly 45 acres in Wynwood, including the Mana Common event space. While he has renovated several existing structures downtown—including completing work on the Nikola Tesla Innovation Hub at 155 South Miami Avenue—no new ground-up construction projects have been finished as part of his downtown initiative.
Describing his vision for downtown Miami, Mana told The Real Deal in 2024: “I don’t like to build half-assed product,” adding, “It’s not about the money. For me, it’s more of a legacy.”
His most recent large acquisition before this was Museum Tower, which he reportedly bought for about $75 million in 2023.
Mana’s efforts coincide with ongoing public improvements along Flagler Street—a project he has supported through fundraising and advocacy. The city of Miami recently completed the third segment of its Flagler streetscape renovation project. Two phases remain and full completion is expected by April. Launched in 2021 with an initial estimated cost of $13 million, media reports indicate that total expenses have since increased to approximately $33 million.
