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Sumitomo Pays $260M for Miami Center

MIAMI-The 34-story CBD tower is the company's third national acquisition this year.

By Carl Cronan | Updated on October 30, 2008

(Carl Cronan is editor of Real EstateFlorida.)

MIAMI-The 34-story Miami Center office building at 201 South Biscayne Blvd. has been purchased by New York City-based Sumitomo Corp. of America for $260 million, or roughly $330 per sf. Sumitomo bought the building from Crescent Real Estate Equities and institutional investors advised by JP Morgan Asset Management.

“As part of our constant management of assets, we are always looking for opportunities that will maximize return on investment, and this property offers a strong upside potential for steady cash flow growth and long-term value appreciation,” Robert Obringer, general manager of Sumitomo’s real estate unit, stated in a release. The 782,210-sf Miami Center opened in 1983 and is currently 96% leased, with Citigroup as its largest tenant.

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