Sumitomo Corporation of Americas has acquired Miami Tower, a Class A office tower in Miami’s central business district, for $220 million. The 47-story, 631,672 sqf office space was 92 percent leased at the time of the sale and traded for just over $348 per sqf. The tower consists of 37 stories of office space situated above 10 stories of parking, a Metromover station and ground level retail space. Tenants in the building include Carlton Fields, TotalBank, UBS Financial, Genovese Joblove, Ver Ploeg and the GSA. HFF marketed the property on behalf of the seller, LaSalle Investment Management’s LaSalle Income & Growth Fund V, and procured the buyer.
“We are excited to add Miami Tower to our portfolio of commercial properties here in the U.S.,” stated Robert Obringer, vice president of Sumitomo Corporation of Americas Commercial Real Estate Unit. “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.”
