Miami Icon Trades For $220 Million

Miami Tower, one of the city’s most iconic properties, was sold to an affiliate of Sumitomo Corporation of America for $220 million, or nearly $367 per square foot.

I&G Miami LLC, an affiliate of the LaSalle Income & Growth Fund V, sold the 618,990-square-foot tower at 100 S.E. 2nd Street to USPO Miami LLC, an affiliate of Sumitomo Corporation of America, a firm with its origins in Japan that has invested billions of dollars across the globe.

The property last traded for $105.5 million in 2010, during the recession. It gained 109 percent in value in six years.

The 47-story tower has a storied history. It showed up in the opening for the TV show Miami Vice. Built in 1986, it was previously known as CenTrust Tower, Nations Bank Tower, Bank of America Tower, and, most recently, Miami Tower.  TotalBank placed its name atop the Downtown Miami landmark when it moved its headquarters into the building in 2013. It stands out at night for its colorful lights, particularly during Miami Heat playoff runs when it flashes team colors.
This is not Sumitomo’s first rodeo in the Miami real estate market.  In October 2008, Sumitomo Corporation of America purchased the Miami Center high-ris office tower in downtown Miami for $260 million, or more than $330 per square foot. Crescent Real Estate Equities and institutional investors advised by JPMorgan Asset Management sold the property. Crescent acquired the property in 2000 and sold a majority stake to JPMorgan Asset Management in 2002, according to CoStar information. Crocker Partners, a Florida investor, purchased the 34-story Miami Center from Sumitomo in 2012 for $262.5 million.
 

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