Miami Tower, the iconic 600,000sf Class A downtown Miami office building that’s famous for its three-tiered design and changing exterior lighting schemes, has sold for $105.5 million to I&G Miami, Inc.
The deal, which closed on Friday, December 17th, 2010, becomes the Miami market’s largest office building sale of 2010. The asset’s appeal among institutional buyers, coupled with the deal’s price tag and relatively short time-line (the building came on the market just this summer), bodes well for the Miami market considering the shortage of investment sales activity we’ve seen over the past two years.
Manny de Zarraga and Hermen Rodriguez of HFF (Holliday Fenoglio Fowler, L.P.) represented seller Blue Capital US East Coast Properties, L.P. in the transaction. Attorney Carey Stiss of Bilzin Sumberg Baena Price & Axelrod LLP served as legal counsel for the seller, which is affiliated with Atlanta, Georgia-based Wealth Capital Investments, Inc.
“The fact that this complex transaction closed on a relatively short timeline is an encouraging sign for would-be owners in the market to acquire premium commercial assets in South Florida,” said Mr. Stiss.
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