MIAMI — Sumitomo Corp. of Americas, a New York City-based subsidiary of a Japanese trading company, has acquired Miami Tower, a 47-story, 631,672-square-foot office tower in Miami’s central business district, for $220 million.
LaSalle Income & Growth Fund V sold the 93 percent-occupied property. HFF arranged the transaction.
LaSalle purchased the property in December 2010 for $105.5 million, according to the Miami Herald. The property was built in 1987 and was previously known as the CenTrust Tower.
“We are excited to add Miami Tower to our portfolio of commercial properties here in the U.S.,” says Robert Obringer, vice president of Sumitomo Corp. of Americas. “As part of our constant management of assets, we are..