Miami Tower, probably the best known of Miami’s buildings because of its flashy exterior designed by I. M. Pei, was recently sold for a whopping $106 million in a sale that brought cheer to the market that has been depressed for long. What was really interesting about this sale was that the building, which you might know by its former name CenTrust Tower, managed to go for a 25 percent premium over its last sale in 2003.
This immense building that totals 600,000 square feet in area has been a monument to corporate excess with its exterior that changes color and its penthouse offices that had washrooms outfitted with real gold fittings. However, it hit an all time low during the recent financial meltdown when it lost its main tenant. The decision of Bank of America to vacate the three floors it had occupied could not have come at a worse time.
The investors who have acquired this property are fairly upbeat about its rental prospects and are certain that the real estate market in Miami is very firmly on the upswing. They have their work cut out for them because of increased availability of commercial space in Miami. The excellent location of this building should make their task easier.
