And The Winner In The Bid For Miami Tower Is…
Looks like LaSalle Investment Management will be Miami Tower’s new owner by the end of the year. SFBJ reported that the Chicago-based real estate investment titan has inked a contract to acquire the iconic Miami Tower, according to several sources familiar with the property.
The price is expected to come in at about $120 million, or about $200 a square foot, sources said. Closing should happen by the end of the year.
Hermen Rodriguez, managing director of Holliday Fenoglio Fowler, which is marketing the property for current owner Wealth Capital Investments, declined to comment on any pending deal, but did say that tower’s TV stature and trophy status drew ample institutional interest. “It is one of the most recognizable buildings in the Southeast,” he said.
Wealth Capital Investments paid $85 million in 2003 for the 600,000-square-foot, multi-tiered high-rise at 100 S.E. Second St.
LaSalle Investment Management, a subsidiary of Jones Lang LaSalle (NYSE: JLL), has about $39 billion of assets under management from private and public equity investments.
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