MIAMI — I&G Miami Inc. has acquired the iconic Miami Tower from an affiliate of Atlanta-based Wealth Capital Investments for $105.5 million in what is being touted as one of the largest real estate transactions in Miami this year. Designed by I.M. Pei and constructed in 1987, Miami Tower contains 600,000 square feet of Class A office space. Occupancy was 80 percent at the time of closing, and tenants at the building include UBS Financial Services, Vector Group and several law firms.
The building contains a host of amenities that include a sky lobby and terrace on the 11th floor, three restaurants, a health club, a 150-seat auditorium, a florist and a hair salon. The building contains 20,000 square feet of ground-floor retail space that is tenanted by the café Au Bon Pain, U.S. Century Bank and a dry cleaners. Miami Tower also contains a dedicated Metro Rail station and is connected to the Miami Convention Center and the Hyatt Regency Miami.
The seller, Blue Capital US East Coast Properties LP, recently completed a $2 million capital improvements program to the building. Part of the renovations focused on increasing the energy efficiency of the building.
The Holliday Fenoglio Fowler team of Manny de Zarraga and Hermen Rodriguez represented the seller in the deal.
“This trade is a big boost for the Miami real estate market and we expect a spark of momentum will stem from this sale heading into 2011,” said de Zarraga in a statement.
— Coleman Wood