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 always looking for opportunities that will maximize return on investment, and this property offers a strong upside potential for in-place cash flow and the opportunity to increase value.”
Renowned architect I.M. Pei designed the building, which consists of 37 stories of office space situated above 10 stories of parking, a Metromover station and ground-level retail space.
The building is well known for its unique exterior lighting system and boasts tenants including Carlton Fields, TotalBank, UBS Financial Services, Genovese Joblove & Battista, Ver Ploeg & Lumpkin and the General Services Administration.
— Haisten Willis