Miami’s Color-Changing Office Tower Looks for a New Tenant

If you’re at all familiar with Miami and its downtown buildings, you’ll most likely know the iconic 47-story color-changing office tower which has quickly become one of Miami’s most photographed buildings. The tower is bidding adieu to Bank of America, leaving the name and signage up for grabs. As of January 1, the tower will be known simply as Miami Tower.

Miami Tower, as it will be called until Bank of America is replaced in the tower, is offering up a lease of 80,000 square feet in the 600,000-square-foot tower, according to the leasing agent, Tony Puente.

But finding a suitable tenant isn’t easier than it sounds. As many large companies are downsizing and there are three other office towers in close proximity to Miami Tower, the candidates to replace Bank of America are few and far between.

Through December 31, the tower will continue to be called Bank of America at International Place, however the bank is vacating its 50,000 square feet to consolidate at a new location on Brickell Avenue. Puente is hoping to attract users, possibly from the banking and finance sector, who are looking for a spot in South Florida’s spotlight. The tower is illuminated according to holidays and special events, and often acts as the background on television broadcasts.

The tower is currently 86 percent occupied with its largest tenants being the law firm Carlton Fields (90,000 square feet), UBS Financial (35,000 square feet), and Vector Group (14,000 square feet).

The land underneath the tower is the property of the City of Miami; a 10-story garage and ground-floor retail, which the city has been trying to sell for more than a year due to losses.

The tower has been open since 1987, when signage belonged to CenTrust, which kept the rights even when CenTrust was acquired by NationsBank, followed by a merge with BankAmerica Corp.