Jones Lang LaSalle today announced the firm has closed the sale and financing of the iconic 31-story landmark office building and adjacent parking garage known as SunTrust International Center in Miami’s Central Business District.
Crocker Partners purchased the 420,857-square-foot property from Stiles Corp. and an un-named partner. Terms on both the sale and financing were undisclosed.
Leading the Jones Lang LaSalle team on this transaction were Managing Directors Jeff Morris, Jubeen Vaghefi, Denny St. Romain and Vice President Steve Echelson.
“This sale is an excellent example of the renewed interest investors are expressing in the downtown Miami market,” said Vaghefi. “Crocker will be able to add significant value to the property, stabilizing it and increasing its current 82 percent lease rate.”
Added St. Romain, “This was a highly complicated transaction in which the buyer and seller worked through numerous complicating factors, but in the end, we were able to achieve higher pricing for the seller through everyone’s efforts.”
SunTrust International Center is located one block west of Biscayne Boulevard at 1 SE 3rd Avenue. The property was extensively renovated in 1990 and 2002 and the institutional owners recently completed a full modernization of the building’s 11 high-speed elevators. The 31-story concrete, marble and glass tower is one of the most recognized buildings in Miami. Parking is offered in two structures, including an integrated seven-story 662-space parking garage and a 763-space seven-deck parking garage annex located one block north of the office tower.
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