Downtown Miami’s iconic Southeast Financial Center is for sale

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
Black Lion CEO Robert Rivani with SLS Lux Brickell (LinkedIn via Rivani, Facebook via SLS Lux Brickell)
Black Lion buys SLS Lux Brickell retail condo for $14M
Black Lion buys SLS Lux Brickell retail condo for $14M
Related CEO Jorge Pérez, President Jon Paul Pérez and the waterfront property (Related, CBRE)
Mexican firm buys former Related Group downtown Miami HQ for $24M
Mexican firm buys former Related Group downtown Miami HQ for $24M
Monarch Alternative Capital CEO Michael Weinstock and Citigroup Center (Getty, Citigroup Center)
Here’s what tenants pay at Downtown Miami’s Citigroup Center
Here’s what tenants pay at Downtown Miami’s Citigroup Center
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Steven Witkoff and 700 North Miami Avenue (Google Maps)
Witkoff, Monroe pay $94M for site of canceled Marriott hotel at Miami Worldcenter
Witkoff, Monroe pay $94M for site of canceled Marriott hotel at Miami Worldcenter
Senior Vice President at CP Group Brett Reese with One Biscayne (CP Group, One Biscayne)
JV buys One Biscayne Tower in downtown Miami for $225M
JV buys One Biscayne Tower in downtown Miami for $225M
Rendering of SkyRise Miami and Jeff Berkowitz
Developer Jeff Berkowitz cancels plans for SkyRise Miami observation tower
Developer Jeff Berkowitz cancels plans for SkyRise Miami observation tower
Wharton Equity Partners CEO David Eisenberg and 16 Southeast Second Street (Wharton, Colliers)
Edgewater investor shells out $46M for downtown Miami dev site
Edgewater investor shells out $46M for downtown Miami dev site
arrow_forward_ios

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

Loading...