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Wednesday, December 22, 2010

Iconic Miami Tower SOLD for $105.5 million

Recall earlier this year the Toast to Jamaica’s Independence Building Lighting Ceremony hosted by the I AM JAMAICA movement where the iconic 47-story Miami Tower was lit in black, green and gold commemorating Jamaica's 48th anniversary of independence.

Yeah, well that building sold yesterday for a cool $105.5 million to I & G Miami LLC, a firm backed my Chicago-based real estate investors LaSalle Investment Management.

Miami Tower, completed in 1987, was designed by famed architect I.M. Pei and has been featured in several documentaries, movies, and television shows and is the jewel of the Miami evening skyline.

Wealth Capital Investments, the previous owners, paid $85 million for the building in 2003. The Tower was on the market for less than 3 months as the Offering Memorandum was issued just this past September. Is this an indication of an economic up swing? I chose to believe so.

Money is definitely out there. It's just up to us where, how and with whom we invest.


I recently had the opportunity to tour Miami Tower with a film location scout. Take a peek.

view from the helicopter landing pad

view from  ground level

out door event space, 11th floor

out door event space, 11th floor

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