By Jeff Hamann
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