Video by TRD’s Alistair Gardiner
This week, Japanese conglomerate Sumitomo Corp. bought a piece of Miami history with its $220 million purchase of the iconic Miami Tower office building.
The sale marked one of 2016’s biggest investment deals so far, and the latest chapter for a tower that’s played a huge role in the emergence of Miami as a city for global business.
Built in 1987, the 47-story, I.M. Pei-designed Miami Tower is the eighth-tallest in both Miami and the state of Florida. Its most famous feature is a $1.5 million LED system that lights up the building at night, distinguishing it from all the other towers in the skyline.
LaSalle Investment Managent, which bought the tower for $105 million six years ago, was the seller. — Sean Stewart-Muniz