$220 million sale of iconic Miami Tower closed by HFF
MIAMI, FL – May 24, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $220 million sale of Miami Tower, a 47-story, 631,672-square-foot, Class A core office tower in Miami’s central business district.
HFF marketed the property on behalf of the seller, LaSalle Investment Management’s LaSalle Income & Growth Fund V, and procured the buyer, Sumitomo Corporation of Americas. LaSalle owned the property since purchasing it in December, 2010, in a sale also arranged by HFF. LaSalle installed a new lighting system as part of more broad-based tower renovation, and repositioned and leased the tower to 92 percent occupancy during its ownership period.
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. The building is well known for its unique exterior lighting system and boasts a long-term and blue-chip diversified tenancy with firms including Carlton Fields, TotalBank, UBS Financial, Genovese Joblove, Ver Ploeg and the GSA.
The property’s epicenter Downtown location provides an almost perfect Walk Score® of 99, and is steps away from Miami’s hottest restaurants, including Zuma, I’l Gabbiano, Komodo, Cirpriani, Wolfgang’s Steakhouse, Bistro Modero and Coya. The property is surrounded by numerous luxury hotels, including Epic, JW Marriott Marquis, Viceroy, Hyatt Regency and Intercontinental. Downtown Miami has seen significant luxury residential development in recent years, along with a full complement of amenities, including a Whole Foods market and 18-screen Silverspot Cinema.
The HFF investment sales team representing the seller included Manny de Zárraga, Hermen Rodriguez, Ike Ojala, Jorge Portela and Tracey Goo.
“Miami Tower is perfectly positioned to take advantage of the exciting renaissance of the Miami CBD, which has been ranked as top US metro for job growth in 2015 and sixth most important city in the world for ultra-high net worth individuals” said Rodriguez.
Robert Obringer, vice president of Sumitomo Corporation of Americas Commercial Real Estate Unit, sees solid value in this latest acquisition. “We are excited to add Miami Tower to our portfolio of commercial properties here in the U.S.,” explains Mr. Obringer. “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.”
About LaSalle Investment Management
LaSalle Investment Management (LaSalle) is one of the world’s leading real estate investment managers with approximately $55 billion of assets under management (as of Q4 2014) of private and public real estate property and debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. Managing capital for institutions and private investors all over the world, LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle is an independent subsidiary of JLL (NYSE: JLL), one of the world’s largest real estate companies. For more information, please visit lasalle.com.
About Sumitomo Corporation of Americas
Established in 1952 and headquartered in New York City, Sumitomo Corporation of Americas (SCOA) has 8 offices in major U.S. cities. SCOA is the largest subsidiary of Sumitomo Corporation, one of the world’s leading traders of goods and services. As an integrated business enterprise, the firm has emerged as a major organizer of multination projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide.
Sumitomo Corporation of Americas has almost 30 years of real estate investment and development experience in the U.S. With investments in commercial office buildings, multi-family communities, planned developments and single family homes, the Company maintains a diverse and balanced real estate portfolio. Throughout the years, SCOA has been an active investor in the commercial market, acquiring and selling properties in New York, San Francisco, Washington D.C., Los Angeles, Phoenix, Tempe and Miami. SCOA’s current office building investments include 450 B Street in San Diego, acquired in 2013, 203 North LaSalle in Chicago, acquired in 2014, and now Miami Tower. For more information please visit www.sumitomocorp.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.