UPDATED May 24 11:59
a.m.: In one of South Florida’s biggest
investment plays so far this year, a Japanese firm has paid $220 million for
the iconic Miami Tower in downtown Miami.
County records show a
fund controlled by Chicago’s LaSalle Investment Management transferred the air
rights of the office tower at 100 Southeast Second Street to an affiliate
of the Sumitomo Corporation of Americas, in what is a precursor to an outright
property transfer. Though no monetary amount was attached to the lease, The
Real Deal calculated its document tax to the $220 million closing
price.
Sources close to the
deal have confirmed both the closing price and the sale details.
LaSalle paid
$105 million for the famous
tower in 2010. At 47 stories, it’s Miami’s eighth-tallest building and one of
its most recognizable amidst a rapidly changing skyline. At night, the
building’s $1.5 million LED system lights up the tower in myriad
colors depending on the holiday or occasion. The tower was designed by noted
architect I.M. Pei.
Commercial brokerage
HFF represented LaSalle for the sale and brought Sumitomo, according to a news
release from the brokerage.
With 600,000 square
feet of office space, this most recent purchase breaks down to nearly $367 per
square foot. According to data from the CoStar Group, Miami Tower was 92
percent leased at the time of sale with asking rents ranging from $38 to $52.50
per square foot on an annual basis.
Sumitomo Corporation
of Americas is the Western Hemisphere division of Sumitomo Corp., a
multinational trade company based in Japan. The company is no stranger to
Miami real estate: it sold Miami Center, another well-known downtown office
building, to Crocker
Partners for $265.2 million in 2012.
Requests for comment to LaSalle and Sumitomo
were not immediately returned.
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