Bridge Investment Group Buys Miami CBD Office Tower
- Oct 14, 2019
Bridge Office Fund Manager LLC, a subsidiary of Bridge Investment Group, has acquired Museum Tower, a Class A, 259,666-square-foot office high-rise in Miami’s central business district. The 29-story building is easily recognizable due to the reflective glass curtain walls on its north and south elevations. CBRE’s José Lobón and Christian Lee represented the seller, Gaedeke Group, while law firm Kapp Morrison was the transaction’s closing attorney.
According to Yardi Matrix data, Gaedeke Group acquired Museum Tower in 1995 for $27.5 million from The Hartford Financial Services Group, in a portfolio transaction funded with a $100 million loan. The purchase also included Highland Ridge Tower and Highland Ridge III in Nashville, Tenn., two office assets that Gaedeke Group recently sold.
Located at 150 W. Flagler St. in the Legal District, the building is near Interstate 95 and several public transit systems such as MetroRail, MetroMover and the high-speed Virgin Trains USA formerly known as BrightLine. Museum Tower is one block southwest of the current and the future Miami-Dade County Courthouse, a $260 million project under development, having Tutor Perini Corp. as contractor. Additionally, the $27 million Flagler Street Project is underway, bringing the area improved street design, high-end street lighting, new bike racks and curbless sidewalks.
This purchase marks Bridge Office’s seventh office building transaction in the South Florida market. In one of their more recent deals, the company paid $74.3 million for an 11-building complex in Sunrise, Fla.
Completed in 1986, Museum Tower includes one story of retail space and 11 stories of parking, with floorplates ranging from 7,000 to 13,536 square feet, per Yardi Matrix data. Amenities include a fitness center, on-site restaurants, travel agency and retail banking facility. The property is currently 94.2 percent leased to a diverse mix of tenants that includes government offices and law firms, but also NBC Universal.
Gaedeke Group has invested more than $3 million in upgrades at the property since 2016. Improvements targeted the HVAC, roof, fitness center and security systems; also, the elevator system is currently modernized. Bridge intends to put another $4.5 million in building enhancements, including a new conference center and exterior improvements. Bridge Commercial Real Estate LLC will be in charge of property management and all redevelopment work scheduled for completion in 2020.