Miami Tower Lands 2 New Office Tenants

A Transwestern team led by Glenn Gregory and Christopher Dubberly closed the two leases, totaling 32,500 square feet, in the Class A office skyscraper.
Miami Tower

The Sumitomo Corp. has inked 32,500 square feet of new leases with two tenants in the firm’s Miami Tower. BDO USA and The Chartwell Offices will occupy a respective 23,000 and 9,500 square feet of the skyscraper’s 618,990 square feet of Class A office space in downtown Miami. Transwestern represented the owner in both transactions.

Located at 100 S.E. 2nd St., the high-rise is positioned within half a mile of Interstate 95 and borders the Knight Center Metromover station, enabling convenient access throughout the city and region. Sumitomo acquired the 1987-built, 47-story tower from LaSalle Investment Management in mid-2016 for $220 million, according to Yardi Matrix. LaSalle had picked up the asset six years earlier for $105.5 million from WealthCap.

Coordinated leases, optimized occupancy

“Both transactions were complex in that timing for lease negotiations were paramount, and each deal hinged on a vacating tenant releasing its space,” said Transwestern Vice President Christopher Dubberly, part of the team representing the owner in the transactions, in a prepared statement. “We expeditiously worked with all parties to create a mutually beneficial outcome for both tenants and the landlord, eliminating downtime and vacancy of a full floor in the process.”

The tower is home to a diverse mix of tenants, including Carlton Fields, Total Bank and UBS. According to Transwestern, the property is currently 87 percent occupied. Building amenities include a fitness center, 10 levels of structured parking, common area Wi-Fi, a conference center and 20,000 square feet of retail in the tower’s podium.

Image via Google Street View