Crocker Partners purchase of Miami Center, a 786,000-square-foot skyscraper, from Sumitomo Corp. of America, an arm of Sumitomo Corp. has closed.
Crocker paid $262.5 million, or approximately $334 per square foot for the 34-story tower. Nearly 16% of the office building is unoccupied.
Tokyo-based Sumitomo paid about $260 million, or about $332 per square foot, for the property in late 2008, when the credit markets collapsed.
This is the biggest office deal in Miami since 2008, and the first sale involving a top-tier office property in Miami’s business district since the late 2010 sale of the 600,959-square-foot Miami Tower for $105.5 million.
Crocker entered the Miami office market in August after paying about $82 million for the 420,857-square-foot SunTrust International Center in downtown Miami. By acquiring the 782,210-square-foot Miami Center, Crocker now controls 1.2 million square feet of office space downtown.