The Miami Tower, a landmark property of the Miami skyline, traded hands last Friday for $106 million as Blue Capital US East Coast Properties sold the building to I&G Miami, Inc. Designed by I.M. Pei and built in 1987, the 600,000 square foot building is currently 80% leased with tenants including Carlton Fields, UBS Financial Services, law firm Boies Schiller & Flexner, Vector Group, and law firm Buchanan Ingersoll & Rooney. The transaction ranks as the highest-valued real estate trade in the Miami market this year according to The Miami Herald.
"In the end, this is a classic example of a quality asset attracting a quality institutional owner," said Manny de Zarraga of Holliday Fenoglio Fowler, which represented the seller. "This trade is a big boost for the Miami real estate market and we expect a spark of momentum will stem from this sale heading into 2011."
"It's a good sign that somebody believes long-term in the Miami market," said Jay Caplin, managing principal of Steelbridge Capital in Miami, which sells and manages office properties. "The market has been largely stagnant."
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