Earlier this week, The Real Deal published a new story about one of the most recognizable towers in the city. Several news stories later it is safe to say that Miami Tower is now under new ownership after selling to an affiliate of Japan’s Sumimoto Corporation for $220 million.
County record online now confirm that the iconic building located at 100 SE 2nd St has once again exchanged hands. The previous sale for Miami Tower was $105.5 million in 2010 when it was purchased by Chicago’s Lasalle Management Group, which means that its new sale price is more than double from the sale six years ago. Breaking the sale down and with an approximate size of 600,000 square feet, the sale breaks down to approximately $367/sqft. This will most likely be among the most significant sales this year but should also serve of what can be expected in the commercial real estate sector.
Here’s an excerpt of the press release Sumimoto’s vice president, Robert Obringer, said in regards to the sale:
“We are excited to add Miami Tower to our portfolio of commercial properties here in the U.S. 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.”
The 47 story Miami Tower is unmistakably one of the most iconic buildings in our city. Built in 1987 and designed by renowned Chinese- American architect I.M Pei, it is part of the city skyline, with its luminous LED lights and iconic design dominating the skies for almost 30 years. If you’re interested in stopping by, it can easily be reach through the Metromover’s Knight Center station. If photography is your specialty, prepare to be dazzled by the stunning spectacle you can witness after dark.
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