Downtown Miami Office Building Sells

Crocker Partners has contracted to buy the 420,080-square-foot SunTrust International Center in downtown Miami, according to several sources.
Crocker has already met with tenants in the building, which is owned by Boston-based Guggenheim Real Estate and minority partner Fort Lauderdale-based Stiles Corp.
The rumored price for the property is about $195 a square foot, which, if true, is a big price compared to Miami Tower, which sold for $175 a square foot in December. The final price may change by the time the contract closes sometime in the near future, according to real estate experts.
The price includes the parking annex a couple of blocks away, which is leased.
The building is about 82 percent leased, with tenants including SunTrust, Akerman Senterfitt and the Daily Business Review.

Recent sales of trophy South Florida assets like Miami Tower and Fort Lauderdale’s Las Olas Centre have helped reset pricing bars, and investors that had been waiting on sidelines are now bidding up prices on core downtown assets.

Source: SFBJ


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