Trophy First Union Financial Center Sold to Aussies, Germans

MIAMI-The tallest office building in Florida–the Downtown 55-story, 764-foot-high First Union Financial Center–has new owners today.

Lend Lease U.S. Office Trust of Sydney and real estate syndicator KanAm Group of Munich paid Shorenstein Co. of San Francisco $270 million or $234.78 per sf, the highest price ever paid for an office building in Florida, according to GlobeSt.com research.

The Australian and German partners each paid $134.75 million to acquire a 50% ownership interest in the 18-year-old, 95%-leased, 1.15-million-sf landmark structure at 200 S. Biscayne Blvd., one block from Interstate 95 and immediately adjacent to the Bayfront Park Metro rail system.