Skip to content

Miami Tower in Gloria Estefan Video Sells in Bet on a Revival

CP Group pays $163.5 million for iconic skyscraper, part of its strategy to spiff up aging office buildings and make them profitable again.

Miami Tower sold for $163.5 million 

Miami Tower sold for $163.5 million 

Source: CP Group

The Miami high-rise where Gloria Estefan danced on the roof for her “Turn the Beat Around” music video. Denver’s Granite Tower. The tallest building in Atlanta and the Georgia city’s CNN Center. 

Those late-20th century urban office skyscrapers are now owned by CP Group, which has amassed a $4 billion portfolio on a contrarian bet that there’s money to be made buying tarnished trophy real estate even in an era of remote work, inflation and a potential recession. Since early 2020, when the pandemic emptied offices, the firm has acquired about $2.25 billion of properties in Florida, Georgia, North Carolina, Texas and Colorado.