Moishe Mana has acquired the One Downtown office tower in Miami for $110 million, according to a statement from his company, Mana Common. The 31-story building, located at 1 Southeast Third Avenue, spans 450,000 square feet. The transaction price amounts to $244 per square foot.
The sellers of the property were PCCP, based in Los Angeles, and CP Group from Boca Raton. Records show that PCCP purchased the tower—formerly known as SunTrust International Center—for $127 million in 2018. CP Group retained an ownership stake after that deal.
Christian Lee and Sean Kelly from CBRE represented the sellers in this latest transaction. According to Mana Common’s release, the previous owners invested millions of dollars in renovations at One Downtown. Leasing responsibilities for the building will be handled by TCRE.
Several new tenants have signed leases at One Downtown in recent years. HealthCase, a travel insurance firm, leased 7,900 square feet; developer Newgard and digital marketing agency On The Map also secured space; and Simpro Group—a company using AI technology for contractor services—established its North American headquarters there last year.
Mana began investing in Miami real estate in 2009 and now owns approximately 80 buildings downtown. He has expressed plans to create a campus-like hub designed for tech companies and entrepreneurs from both North America and Latin America. In addition to office properties, he has discussed developing residential buildings aimed at employees working within his envisioned business community.
In Wynwood, another Miami neighborhood, Mana owns about 45 acres including the Mana Common event venue.
Despite extensive property holdings downtown, no new ground-up construction projects by Mana have been completed yet; instead he has focused on renovating existing structures. He described his approach to The Real Deal in 2024: “I don’t like to build half-assed product,” Mana said at the time. “It’s not about the money. For me, it’s more of a legacy.”
Recently completed work includes renovations at 155 South Miami Avenue—now called Nikola Tesla Innovation Hub—which targets life sciences and technology firms.
Mana’s prior significant purchase was Museum Tower for roughly $75 million in 2023.
Delays affecting some of Mana’s plans have included setbacks with Miami’s Flagler Street beautification project—a redevelopment effort where he has played an active fundraising role. His acquisition of One Downtown came as the city finished the third segment of this streetscape project; two phases remain with full completion expected by April according to a city news release.
Originally launched in 2021 with an estimated cost of around $13 million, media reports indicate that expenses for Flagler streetscape have increased to approximately $33 million over time.
