June 29, 2016
Last month, Wilk Auslander closed on the purchase of a $220,000,000 well-known property in Miami on behalf of a client. This transaction is among the largest transactions in the Miami area in recent years.
The firm represented an affiliated entity to its long-time client, Sumitomo Corporation of Americas, on the purchase of Miami Tower, a 47 story building with more than 650,000 square feet of office and retail space. Designed by world renowned architect, I. M. Pei, the building is among the most high profile buildings in downtown Miami and features stunning curtain walls comprised of light reflective panels and light absorbing glass, creating a special lighting effect when illuminated.
Other interesting features include a SKY Lobby on the 11th floor with 20 foot high ceilings and the unique feature of being the only building in Miami that has an above-ground subway station (known as Metromover or monorail) which stops within the building. Every night the building features a world famous colored light show which is one of the gorgeous highlights of the Miami night sky.
Due to the size and complexity of this purchase the team at Wilk Auslander required two partners working simultaneously on two fronts. The firm's team was comprised of Hillary Jury handling the negotiations, drafting and revising of the purchase and sale agreement on one front, and Aaron Kinderlehrer handling the complex due diligence process, as well as title and survey work, on the other front. Associates Lauren Balsamo and Mordy Goldenberg also assisted in this transaction with lease and estoppel certificate review and with closing preparations.
The complexities of the deal included the fact that the properties were comprised of two separate leases with the City of Miami, (an Air Rights Lease and a Retail Space Ground Lease), and because the building includes a city-owned 1,450 car garage in its lower floors.
Due to varied aspects of local Florida law, the firm retained and coordinated with two Florida local counsel on the deal: Proskauer Rose (South Florida office) to handle local law and violation issues and searches; and Bilzin Sumberg to handle zoning and City of Miami relations.