Chicago-based real estate investment giant, LaSalle Investment Management is approaching a deal to buy the ‘Miami Vice’ tower, according to several sources familiar with the property. This iconic Miami office building, located at 100 S.E. 2nd Street, came to symbolize the city by being featured weekly in the opening of 1980s TV show “Miami Vice.” Source say the closing should happen by the end of the year and the price for this 47-story tower is expected to be about $120 million, or about $200 a square foot.
Managing director of Holliday Fenoglio Fowler, the firm which is marketing the Miami office building for the current owner Wealth Capital Investments, declined to comment on any impending deal. They did say that the tower is of the most recognizable buildings in the Southeast and attracted plenty of interest.
In 2003, Wealth Capital Investments paid $85 million for the multi-tiered, 600,000-square-foot, high-rise in downtown Miami. The property however faces some challenges. This Miami commercial property only stands at about 77 percent leased since it lost its anchor and previous namesake, Bank of America, and the office building sits on top of a 10-story garage owned by the city, with the building’s owners paying an air rights lease to the city for the office space above it. The city will need to sign off on assignment of that lease to any new ownership group.
A subsidiary of Jones Lang LaSalle, LaSalle Investment Management, has about $39 billion of assets under management from private and public equity investments. As a matter of policy it doesn’t comment on pending acquisitions, spokeswoman for LaSalle said.
Call MLR Realty at 305-673-3303 or go to www.InvestCommercialMiami.com to speak with a Realtor that specializes in downtown Miami office buildings and other Miami investment properties for sale and for lease.
Contributed by MLR Realty
