When Sumitomo Corp. made a splash in Miami’s office market, its $220 million investment marked one of the largest deals seen this real estate cycle.
The Japanese conglomerate’s purchase of the iconic Miami Tower signaled the return of an investor that had previously exited the market. Sumitomo knew downtown Miami. The company previously owned the nearby Miami Center adjacent to the Hotel InterContinental, which it sold for $263 million in 2012.[Related items]
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