The iconic Miami Tower, I.M. Pei’s neon wedding cake of a building in downtown Miami, is for sale and could fetch as much as $120 million. ...
... The 600,000-square-foot building, at 100 S.E. Second St., was built in 1987 and soon became notorious because of the opulence of the offices of David Paul, the former chairman of CenTrust Savings Bank. CenTrust was the first to have signage on the building. Paul was sentenced to 11 years in prison after facing several charges, including tax fraud and obstruction of justice. Prosecutors said he used the bank to finance an extravagant lifestyle that included a corporate jet and a multimillion-dollar art collection. CenTrust failed in the early 1990s.
Tom Capocefalo, managing partner at Studley, agreed that institutional buyers would line up to snag this high-profile trophy, which would be viewed as a core asset in Miami’s central business district. He said it could fetch a strong price from a buyer with a long-term hold strategy.
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