MIAMI-In a sign that demand for South Florida’s trophy real estate assets persists despite economic volatility, I&G Miami, has purchased downtown Miami’s landmark Miami Tower office building for $105.5 million. The transaction ranks as the highest-valued real estate trade in the Miami market this year.
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 served as legal counsel for the seller, which is affiliated with Atlanta, Georgia-based Wealth Capital Investments.
The 600,000-square- foot, class A Miami Tower is one of the world’s most recognized office buildings due to its changing palette of exterior lighting schemes. Indeed, de Zarraga tells GlobeSt.com that the Miami Tower is a trophy asset in every sense of the word. Beyond its visibility, it’s centrally located in the heart of the bustling Miami Central Business District, home to an exceptional tenant base, and in excellent condition.
“This asset can compete for corporate tenants alongside Miami's newer office properties,” de Zarraga says. "If the Miami Tower sale teaches us anything about the market, it's that top-quality assets can maintain their value even in the face of seemingly adverse economic conditions. A lesser quality building may not have traded at such a high price or attracted the attention of a quality owner, let alone in a short time frame."
Miami Tower’s current occupancy rate is 80%, which beats the market average. Tenants include law firm Carlton Fields, UBS Financial Services, law firm Boies Schiller & Flexner, Vector Group, and law firm Buchanan Ingersoll & Rooney. The tower houses more than 20,000 square feet of street-level retail space that is home to an Au Bon Pain caf
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