Miami's Tallest Office Building for Sale (if You Have a Half-Billion Dollars Sitting Around)
The Southeast Financial Center is the crown jewel of Miami office towers and downtown's skyline. When it was built in 1983, it became not only Miami's tallest building but also the tallest structure south of New York and east of the Mississippi. It remains Miami's second-tallest building, and its tenants include some of Miami's most powerful corporate and legal players, perhaps because the structure was designed to maximize the number of coveted corner offices.
Now it's on the market.
JP Morgan Asset Management, the current owner, is shopping the property around to other investors. The firm bought the property with Macquarie Office Trust in 2007 and took over sole ownership by 2008. The deal valued the building at $365 million.
According to industry trade publication Commerical Real Estate Direct, the building is now valued at $496 million and might sell for quite a bit over the half-billion-dollar mark.
The building should be an attractive investment, especially considering its office space is nearly all rented out.
Tenants include the local offices of power players such as Goldman Sachs, Merrill Lynch, and Morgan Stanley. Other tenants are some of Miami's most powerful law offices, such as White & Case, DLA Piper, and Cushman & Wakefield. Porsche Latin America, the Knight Foundation, and David Barton Gym also call the tower home.
The building's jagged edifice also means there are plenty of corner offices to go around. Most floors boast nine corner suites. Some floors near the top have as many as 16. Miami, of course, is a bit obsessed with status, and nothing says status like the sweet, sweet c-suite.
The center has also undergone recent upgrades totaling more than $20 million. The building's main lobbies were all given an update.
The news follows the sale of another top local office building. The Miami Tower sold last month for $220 million.