Crocker Partners has acquired the Miami Center office tower from Sumitomo of America, a subsidiary of Japanese global trading firm Sumitomo for $262.5 million – the biggest Miami office buy since 2008, according to the Wall Street Journal. The deal for the 34-story, Pietro Belluschi-designed tower comes as investors scour through second tier office markets for recession era bargains.“The market’s healing, but it’s certainly not all the way back,” said Ben Carlos Thypin, director of market analysis for Real Capital Analytics.
At about $334 a square foot, Crocker paid close to the same price the 786,000-square-foot building garnered when it was last sold in 2008. Located at 201 South Biscayne Boulevard, the tower is already home to a Citi group, among other large tenants, but remains only 84 percent occupied. [WSJ] – Christopher Cameron