Crocker Partners Closes On Miami Center Purchase

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.

Share and Enjoy:
  • email
  • Facebook
  • LinkedIn
  • Twitter
 

-------------------------

Get the latest industry news and information from CRE-sources delivered right to your email inbox!

And we promise…no more than one email each morning.

 

CLICK HERE TO SUBSCRIBE TODAY!

 
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published.