October 24, 2019
Bridge Investment Group has acquired Museum Tower, a 259,666-square-foot office tower in Miami’s central business district. The sales price was reported as $64.6 million.
Located at 150 West Flagler St., the 29-story tower was originally built in 1986. Since 2016, more than $3 million of capital has been invested in the building, including upgrades to HVAC and security systems, an overhauled fire alarm system, roof upgrades, a modern fitness center and a full elevator modernization, which is currently underway. Bridge plans to invest an additional $4.5 million in amenities and other enhancements at Museum Tower.
José Lobón and Christian Lee of CBRE represented the seller, Dallas-based real estate investment, leasing, management and construction company Gaedeke Group, in the transaction. The law firm of Kapp Morrison LLP served as the closing attorney.
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