Iconic Downtown Miami Building Has New Owner
MIAMI (CBS4) -A staple in the Downtown Miami skyline has a new owner.
The 47 story building—recently known as the Bank of America building –has been sold to LaSalle Investment Management Company for $105.5 million. It will now be called the Miami Tower, according to CBS4 News partner The Miami Herald.
The building—known for it's elaborate exterior lighting system—was designed by I.M Pei in 1987 and was last sold in 2003 for $85 million.
The price increase and sale signals businesses are once again investing in Miami's once-prosperous downtown Mecca.
"It's a good sign that somebody believes long-term in the Miami market,'' said Jay Caplin, managing principal of Steelbridge Capital in Miami, which sells and manages office properties. "The market has been largely stagnant.''
When opened, the iconic building was known as the CenTrust Tower, a 600,000 square foot office space with a lavish penthouse level, furnished with gold-plated faucets, marble bathrooms, and a theater room for executives.
CenTrust vacated the building when the bank collapsed amid the savings-and-loan crisis on the 1990s.
Most recently, Bank of America took their name off the tower and moved out three floors of offices in early 2010.
LaSalle officials say finding another big name tenant is top priority.
The Miami Herald contributed to this report
