Sumitomo Buys Miami Tower for $220M

Sumitomo Corporation of Americas (SCOA), the largest subsidiary of Sumitomo Corporation, one of the world’s leading traders of goods and services, has closed on the purchase of Miami Tower in the city's central business district for $220 million. HFF marketed the property on behalf of the seller, LaSalle Investment Management’s LaSalle Income & Growth Fund V, and procured the buyer. The deal more than doubles LaSalle's investment on the office building, which it purchased in December 2010 for $105.5 million from Wealth Capital Management, Inc. Prior to that, the building was purchased in 2003 for $85 million by Blue Capital.

Robert Obringer, vice president of Sumitomo Corporation of Americas Commercial Real Estate Unit, sees solid value in this latest acquisition. "We are excited to add Miami Tower to our portfolio of commercial properties here in the U.S.," explains Mr. Obringer. "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 in-place cash flow and the opportunity to increase value."

"Miami Tower is perfectly positioned to take advantage of the exciting renaissance of the Miami CBD, which has been ranked as top U.S. metro for job growth in 2015 and sixth most important city in the world for ultra-high net worth individuals" Hermen Rodriguez, senior managing director with HFF, said in a prepared statement.

Previously known as the CenTrust Tower, the iconic Miami Tower was originally built in 1987 and designed by Pritzker Prize-winning architect, I.M. Pei. The 47-story tower located at 100 SE 2nd Street ranks in the top ten tallest skyscrapers in Miami and in Florida. The property consists of two separate structures: a 10-story parking garage owned by the city and the 47-story office tower built upon the air rights of the garage. The tower's three tiers allow it to have multiple color schemes in tribute to certain holidays and seasons. Major tenants include Carlton Fields, TotalBank, UBS Financial Services, Genovese Joblove & Battista, Ver Ploeg & Lumpkin and the General Services Administration.

For more news and information visit Blumberg Partners.

Starwood Picks Up Office Parks for $82M

Starwood Capital Group, the CT-based private investment firm, has purchased two business parks in Miramar, Florida from the Metropolitan Life Insurance Co. for $82 million. MetLife sold the two buildings, Miramar Center I and III, at 3401 and 3601 Southwest 160th Avenue, and two additional buildings, Huntington Centre I and II, at 2801 and 2901 Southwest 149th Avenue, according to a report from The Real Deal. HFF marketed the properties on behalf of the seller, and worked on behalf of the buyer to place the acquisition loan. A Starwood affiliate closed on a $60 million mortgage to finance the deal.

"These high-quality suburban office buildings generated much interest among institutional real estate investors. There is a clear interest in acquiring Class A office buildings, in submarkets that have a nearby, well-educated workforce and excellent nearby transportation hubs," said HFF senior managing director Hermen Rodriguez in a statement. The portfolio consists of four, four-story office buildings on both sides of Interstate 75 in western Miramar, which straddles the border between Miami-Dade and Broward counties. Vanderbilt Partners has been assigned as the property manager of the portfolio.

For more news and information visit Blumberg Partners.