The Real Deal Miami

More musical chairs: Transwestern in, CushWake out for office leasing at Miami Tower

JLL lost its leasing assignment in October at the building Sumitomo bought in May
By Ina Cordle | January 12, 2017 09:45AM

Miami Tower and Glenn Gregory

Sumitomo Corp. of Americas, which purchased the Miami Tower last year, has brought in Transwestern to handle office leasing. That means Cushman & Wakefield is out at the 47-story downtown Miami building after just a few months.

A Cushman & Wakefield spokesperson told The Real Deal that the company had no comment on the move.

Transwestern already provides property management services for the 619,093-square foot tower at 100 Southeast Second Street that Sumitomo bought in May 2016 for $220 million. CBRE will continue to handle retail leasing at the tower, a Transwestern spokesperson told TRD.

The switch is the second in four months at Miami Tower. In October, Sumitomo terminated JLL and brought in Cushman & Wakefield, Transwestern and CBRE.

Tom Wada, Sumitomo Corporation of America’s senior vice president, told TRD at the time that it was his firm’s past relationship with Transwestern that led to the decision. The brokerage had handled leasing for Miami Center, another trophy office building in the downtown area, during Sumitomo’s four-year ownership stint that ended in 2012.

Sumitomo also liked that Gordon Messinger, Cushman’s managing director, had previous experience handling leasing at Miami Tower when he still worked at Transwestern before switching teams, Wada said at that time.

Now, Transwestern Managing Director Glenn H. Gregory will lead the leasing team. Management services are led by Senior Vice President Andrea Lopez.

Transwestern’s new leasing assignment also includes the Atlanta Financial Center, a three-building, 914,774-square-foot office complex at 3353 Peachtree Road, Northeast, that Sumitomo also bought last year. In terms of square footage, it represents the largest property Sumitomo has purchased to date.