The 91-year-old Biscayne Building at 19 W. Flagler Street in the heart of downtown Miami has been acquired by New York City investor Moishe Mana. The 153,864 sqf office building changed hands for just under $160 per sqf in the $24.5 million deal. The building was originally home to the Bank of Bay Biscayne. Following the Great Depression in 1929, the top three floors were leased to the FBI where director J. Edgar Hoover utilized the penthouse as his personal office. Over the past two years, Mana has spent over $300 million purchasing 39 office and retail properties along Flagler Street and the area north of Miami’s Brickell Financial District. Colliers International Mika Mattingly represented the buyer during the transaction while Colliers Boris Kozolchyk represented the seller Biscayne Building, Inc.
“The true value of Miami’s urban core is in its collection of historic buildings that evoke memories of a once vibrant downtown,” said Colliers International South Florida Broker Mika Mattingly. “Moishe has acquired a critical mass of buildings in downtown to be able to reposition them and return that past vibrancy to the urban core.”
