Landmark Miami Skyscraper Gets Renamed Miami Tower

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(MIAMI, FL) -- One of the world's most iconic office buildings is receiving a new name and welcoming new tenants. Downtown Miami's Bank of America Tower at International Place, a 600,000 square-foot I.M Pei-designed building recognized around the world for its changing palette of exterior lighting schemes, has been renamed "Miami Tower." The news, which follows former tenant Bank of America's decision to consolidate its area office space in another South Florida building, coincides with the Tower's announcement that it has finalized 62,000 square-feet worth of lease transactions in the past year.

The name change was announced by Robert Aldrich, President for Wealth Capital Investments, the building owner.

"Miami Tower's landmark status extends far beyond South Florida; it has been an international icon for more than two decades. When people think of Miami, they instantly picture I.M. Pei's iconic skyscraper lighting up the night sky. It's only fitting that the building's new name has universal appeal. Miami Tower truly is the face of Miami," said Mr. Aldrich.

Tony Puente, Senior Vice President of Fairchild Partners, the commercial real estate services firm that manages leasing and marketing for Miami Tower, also announced five lease renewals/expansions accounting for 9,519 square-feet of office space. The tenants involved in these deals are Au Bon Pain, Daniel David Custom Clothier LLC, the American Arbitration Association, law firm Ver Ploeg & Lumpkin, P.A., and One World Inc. In total, Miami Tower finalized transactions accounting for 62,000 square-feet of class-A office space in 2009, including a five-year, 34,536 square-foot deal with UBS Financial Services valued at $7.5 million.

"There's no question that Miami Tower's worldwide exposure has a direct, positive impact on our leasing efforts," said Mr. Puente. "Tenants are drawn to the idea that they can locate their business in a landmark office building located at the heart of one of the world's most dynamic cities. Miami Tower's recognition - coupled with its ideal location and class-A amenities - continues to fuel our strong tenant retention and occupancy rates. Above all else, we take pride in the fact that our tenants stick with us for the long term."

Vince Croce, General Manager for Wealth Capital Management, pointed to Miami Tower's stable ownership and award-winning management team as key factors in the building's viability as a Downtown Miami leasing option. "In today's volatile economic climate, many office tenants are looking to locate in buildings that are held by established, well-capitalized owners and that are efficiently managed. Miami Tower excels in both areas. The building recently underwent a three-year, multimillion dollar renovation project and our ownership team continues to seek new avenues for enhancing the property through capital investments, including new amenities and upgrades to the tower's energy efficiency."

These efforts have gained industry recognition: 2009 marked the third-straight year in which the Tower was named "Building of the Year" by the Building Owners and Managers Association of Miami (BOMA) in the 500,000 to one million square-foot category of office buildings as well as the second consecutive year it has received the U.S. Environmental Protection Agency's (EPA) Energy Star designation.

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