Monday, May 30, 2016

$220 million sale of iconic Miami Tower closed by HFF

Miami Tower, Central Business District, Miami, FL
MIAMI, FL  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $220 million sale of Miami Tower, a 47-story, 631,672-square-foot, Class A core office tower in Miami’s central business district.

HFF marketed the property on behalf of the seller, LaSalle Investment Management’s LaSalle Income & Growth Fund V, and procured the buyer, Sumitomo Corporation of Americas.

  LaSalle owned the property since purchasing it in December, 2010, in a sale also arranged by HFF.   LaSalle installed a new lighting system as part of more broad-based tower renovation, and repositioned and leased the tower to 92 percent occupancy during its ownership period.

Designed by renowned architect, I.M. Pei, the iconic Miami Tower 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 a long-term and blue-chip diversified tenancy with firms including Carlton Fields, TotalBank, UBS Financial, Genovese Joblove, Ver Ploeg and the GSA. 

The property’s epicenter Downtown location provides an almost perfect Walk Score® of 99, and is steps away from Miami’s hottest restaurants, including Zuma, I’l Gabbiano, Komodo, Cirpriani, Wolfgang’s Steakhouse, Bistro Modero and Coya. 

The property is surrounded by numerous luxury hotels, including Epic, JW Marriott Marquis, Viceroy, Hyatt Regency and Intercontinental. Downtown Miami has seen significant luxury residential development in recent years, along with a full complement of amenities, including a Whole Foods market and 18-screen Silverspot Cinema.  

Manny de Zarraga
The HFF investment sales team representing the seller included Manny de Zárraga, Hermen Rodriguez, Ike Ojala, Jorge Portela and Tracey Goo. 

“Miami Tower is perfectly positioned to take advantage of the exciting renaissance of the Miami CBD, which has been ranked as top US metro for job growth in 2015 and sixth most important city in the world for ultra-high net worth individuals” said Rodriguez.

Robert Obringer, vice president of Sumitomo Corporation of Americas Commercial Real Estate Unit, sees solid value in this latest acquisition.  “We are excited to add Miami Tower to our portfolio of commercial properties here in the U.S.,” explains Mr. Obringer. 

 “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.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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