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(Carl Cronan is editor of Real EstateFlorida.)

MIAMI-The 34-story Miami Center office building at 201 South Biscayne Blvd. has been purchased by New York City-based Sumitomo Corp. of America for $260 million, or roughly $330 per sf. Sumitomo bought the building from Crescent Real Estate Equities and institutional investors advised by JP Morgan Asset Management.

“As part of our constant management of assets, we are always looking for opportunities that will maximize return on investment, and this property offers a strong upside potential for steady cash flow growth and long-term value appreciation,” Robert Obringer, general manager of Sumitomo’s real estate unit, stated in a release. The 782,210-sf Miami Center opened in 1983 and is currently 96% leased, with Citigroup as its largest tenant.

The acquisition is one of the largest of its kind in Miami’s office market this year, with nearly $958 million in transactions recorded by Real Capital Analytics through this year’s third quarter. Prices paid for office buildings in Downtown Miami have averaged at least $400 per sf over the past year.

Miami Center is Sumitomo’s third commercial real estate purchase this year, taking on smaller office buildings in Washington, DC and Tempe, AZ. The company has assigned Ryan Cos. US Inc. to handle management, leasing and operations of all three properties.

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