Miami Sees Largest Office Sale of 2010

Miami Tower, a 600,00-square-foot, Class A tower, was bought by I&G Miami Inc. from owner Blue Capital US East Coast Properties L.P.

December 22, 2010
By Allison Landa, News Editor

Miami Tower, a 600,000-square-foot, Class A office tower, changed hands in the city’s largest office deal this year. Selling for $105.5 million, the I.M. Pei-designed tower was bought by I&G Miami Inc. from owner Blue Capital US East Coast Properties L.P.

Built for CenTrust Savings & Loan in 1987, the 47-story tower is the eighth tallest in Miami as well as in the state of Florida. It has become known for its elaborate nighttime lighting schemes and dramatic three-glass tiers.

Manny de Zarraga and Hermen Rodriguez of Holliday Fenoglio Fowler L.P. represented Blue Capital, while attorney Carey Stiss of Bilzin Sumberg Gaena Price & Axelrod L.L.P. served as the seller’s legal counsel. According to de Zarraga, the tower boasts a strong occupancy rate, stable balance sheet and top-grade tenant roster as well as a prominent place in the downtown Miami skyline.

The tower is currently 80 percent occupied and is home to tenants including law firm Carlton Fields, UBS Financial Services, law firm Boies Schiller & Flexner, Vector Group and law firm Buchanan Ingersoll & Rooney. It also has more than 20,000 square feet of street-level retail.