Downtown Miami’s iconic Southeast Financial Center is for sale

55-story building is second in height to the Four Seasons Miami

TRD MIAMI /
Jun.June 14, 2016 05:15 PM

Downtown Miami’s tallest office tower, reportedly valued at nearly $500 million, is on the market.

J.P. Morgan Asset Management – Global Real Assets is listing the Southeast Financial Center, a 55-story, 1.3 million-square-foot tower at 200 South Biscayne Boulevard, according to published reports.

The iconic building, second in height only to the Four Seasons Miami, was developed in 1984 by Hines and designed by Skidmore, Owings & Merrill.

Commercial Real Estate Direct first reported that the property was up for sale in May, with Commercial Property Executive reporting that it could sell for more than half a billion dollars.

In May, the nearby Miami Tower sold for $220 million to Sumitomo Corporation of the Americas. The 47-story tower is the eighth-tallest in Miami.

The Southeast Financial Center includes a 15-story annex building with a David Barton gym and 1,200 parking spaces, and a 30,000-square-foot outdoor plaza. Zest, a restaurant by chef Cindy Hutson, opened in the plaza in March.

The J.P. Morgan asset manager acquired a 50 percent interest in the Southeast Financial Center in 2007, when it was known as the Wachovia Financial Center. It bought out Macquarie Office Trust’s stake for $182.5 million in 2008, according to Commercial Property Executive, bringing the building’s value up to $385 million.

JLL’s Don Cartwright has handled office leasing for the building since 2009. Office tenants include Stroock & Stroock & Lavan LLP, Goldman, Sachs & Co., Merrill Lynch, and Morgan Stanley. [CP Executive] – Katherine Kallergis


Related Articles

arrow_forward_ios
Placeholder image

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal
Jon Paul Perez and Russell Galbut with renderings of the projects

Related, Crescent Heights and Melo Group seek approval for Miami projects

Related, Crescent Heights and Melo Group seek approval for Miami projects
Blackstone's Jonathan Gray and Stephen Schwarzman (Getty, iStock)

Blackstone to open office in South Florida

Blackstone to open office in South Florida
Jared Galbut, Bodega Taqueria

Menin plans major expansion of Bodega Taqueria

Menin plans major expansion of Bodega Taqueria
Robert M. Swedroe and Steve Levine

Movers & Shakers: South Florida architecture firms merge & more

Movers & Shakers: South Florida architecture firms merge & more
249 Northwest 6th Street and Michael Swerdlow (Google Maps, Swerdlow Group)

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown
1100 Biscayne Boulevard, Miami

Marquis vs. ‘The King of Miami Real Estate’: Condo tower seeks to evict agent for not wearing face mask

Marquis vs. ‘The King of Miami Real Estate’: Condo tower seeks to evict agent for not wearing face mask
(iStock)

A buyer’s market: Condo supply soars in downtown Miami

A buyer’s market: Condo supply soars in downtown Miami
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...