Trophy Office Tower Trades in Sizzling Miami
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Miami Tower
Miami—Office investment sales activity in South Florida is on fire, and the latest heat involves the renowned Miami Tower in the city’s central business district. With the help of commercial real estate and capital markets services provider HFF, LaSalle Investment Management’s LaSalle Income & Growth Fund V sold the 631,700-square-foot trophy office property to Sumitomo Corp. of Americas for $220 million.
LaSalle made out like a bandit, having acquired the 47-story Miami Tower from Blue Capital U.S. East Coast Properties LP for $105.5 million in late 2010. The I.M. Pei-designed skyscraper, developed in 1987, thrived under the fund’s ownership. Today, Miami Tower is one of the most recognizable buildings on the city’s skyline, due in no small part to the state-of-the-art LED lighting system LaSalle installed in 2012 as part of a renovation and repositioning program. LaSalle’s efforts didn’t go to waste; the property is presently 92 percent occupied, and counts the likes of international law firm Carlton Fields, UBS Financial and the U.S. General Services Administration as tenants. Miami Tower is the right building in the right place at the right time…
