May 25, 2016
LaSalle Investment Management has sold the 631,672-square-foot, Class A, Miami Tower to Sumitomo Corp. of the Americas for $220 million. HFF represented the seller in the transaction.
LaSalle Investment acquired the asset at 100 S.E. 2nd St. in 2010. During its hold, the Chicago-based investor installed a new lighting system as part of an overall renovation. The seller also repositioned and leased the tower to 92% occupancy.
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. Tenants include Carlton Fields, TotalBank, UBS Financial, Genovese Joblove, Ver Ploeg and the GSA.