Earlier this week, The Real Deal published a new story about one of the most recognizable towers in the city. Several news stories later it is safe to say that Miami Tower is now under new ownership after selling to an affiliate of Japan’s Sumimoto Corporation for $220 million.
County record online now confirm that the iconic building located at 100 SE 2nd St has once again exchanged hands. The previous sale for Miami Tower was $105.5 million in 2010 when it was purchased by Chicago’s Lasalle Management Group, which means that its new sale price is more than double from the sale six years ago. Breaking the sale down and with an approximate size of 600,000 square feet, the sale breaks down to approximately $367/sqft. This will most likely be among the most significant sales this year but should also serve of what can be expected in the commercial real estate sector.