Company Website:
http://www.hfflp.com
MIAMI -- (Business Wire)
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed
the $220 million sale of Miami Tower, a 47-story, 631,672-square-foot,
Class A core office tower in Miami’s central business district.
HFF marketed the property on behalf of the seller, LaSalle Investment
Management’s LaSalle Income & Growth Fund V, and procured the buyer,
Sumitomo Corporation of Americas. LaSalle owned the property since
purchasing it in December, 2010, in a sale also arranged by HFF. LaSalle
installed a new lighting system as part of more broad-based tower
renovation, and repositioned and leased the tower to 92 percent
occupancy during its ownership period.
Designed by renowned architect, I.M. Pei, the iconic Miami Tower
consists of 37 stories of office space situated above 10 stories of
parking, a Metromover station and ground level retail space. The
building is well known for its unique exterior lighting system and
boasts a long-term and blue-chip diversified tenancy with firms
including Carlton Fields, TotalBank, UBS Financial, Genovese Joblove,
Ver Ploeg and the GSA.
The property’s epicenter Downtown location provides an almost perfect
Walk Score® of 99, and is steps away from Miami’s hottest restaurants,
including Zuma, I’l Gabbiano, Komodo, Cirpriani, Wolfgang’s Steakhouse,
Bistro Modero and Coya. The property is surrounded by numerous luxury
hotels, including Epic, JW Marriott Marquis, Viceroy, Hyatt Regency and
Intercontinental. Downtown Miami has seen significant luxury residential
development in recent years, along with a full complement of amenities,
including a Whole Foods market and 18-screen Silverspot Cinema.
The HFF investment sales team representing the seller included Manny de
Zárraga, Hermen Rodriguez, Ike Ojala, Jorge Portela and Tracey Goo.
“Miami Tower is perfectly positioned to take advantage of the exciting
renaissance of the Miami CBD, which has been ranked as top US metro for
job growth in 2015 and sixth most important city in the world for
ultra-high net worth individuals,” said Rodriguez.
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.”
About LaSalle Investment Management
LaSalle Investment Management (LaSalle) is one of the world’s leading
real estate investment managers with approximately $55 billion of assets
under management (as of Q4 2014) of private and public real estate
property and debt investments. LaSalle’s diverse client base includes
public and private pension funds, insurance companies, governments,
corporations, endowments and private individuals from across the globe.
Managing capital for institutions and private investors all over the
world, LaSalle sponsors a complete range of investment vehicles
including separate accounts, open- and closed-end funds, public
securities and entity-level investments. LaSalle is an independent
subsidiary of JLL (NYSE: JLL), one of the world’s largest real estate
companies. For more information, please visit lasalle.com.
About Sumitomo Corporation of Americas
Established in 1952 and headquartered in New York City, Sumitomo
Corporation of Americas (SCOA) has 8 offices in major U.S. cities. SCOA
is the largest subsidiary of Sumitomo Corporation, one of the world’s
leading traders of goods and services. As an integrated business
enterprise, the firm has emerged as a major organizer of multination
projects, an expediter of ideas, an important international investor and
financier, and a powerful force for distribution of products and global
communications through a network of offices worldwide.
Sumitomo Corporation of Americas has almost 30 years of real estate
investment and development experience in the U.S. With investments in
commercial office buildings, multi-family communities, planned
developments and single family homes, the Company maintains a diverse
and balanced real estate portfolio. Throughout the years, SCOA has been
an active investor in the commercial market, acquiring and selling
properties in New York, San Francisco, Washington D.C., Los Angeles,
Phoenix, Tempe and Miami. SCOA’s current office building investments
include 450 B Street in San Diego, acquired in 2013, 203 North LaSalle
in Chicago, acquired in 2014, and now Miami Tower. For more information
please visit www.sumitomocorp.com.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).
HFF operates out of 22 offices nationwide and is a leading provider of
commercial real estate and capital markets services to the U.S.
commercial real estate industry. HFF together with its affiliate HFFS
offer clients a fully integrated national capital markets platform
including debt placement, investment sales, equity placement, advisory
services, loan sales and commercial loan servicing. For more information
please visit hfflp.com
or follow HFF on Twitter @HFF.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160524006671/en/
Contacts:
HFF
Hermen Rodriguez, (305) 448-1333
HFF Senior
Managing Director
hrodriguez@hfflp.com
or
Kristen
Murphy, (617) 338-0990
HFF Director, Marketing
krmurphy@hfflp.com
Source: HFF
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