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LaSalle sells Miami office building for $220m

by Andrea Waitrovich

LaSalle Income & Growth Fund V, managed by LaSalle Investment Management, has sold the Miami Tower, a class A core office tower in Miami’s central business district, for $220 million. The new owner is Sumitomo Corporation of Americas.

HFF represented the seller.

The 631,672-square-foot Miami Tower consists of 37 stories of office space situated above 10 stories of parking, a Metromover station and ground-level retail space.

Office transactions in the Miami market totaled more than $1.6 billion in 2015, making Miami the 21st most active office transaction market in the United States, according to Real Capital Analytics’ “Top 40 Office Markets of 2015.” This year, the market is on the path to surpass the previous year’s numbers. During the first quarter, 20 office buildings were sold for a total of $511.3 million, and thus far this quarter nine office properties were sold for a total of $435.3 million.

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