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Commercial
South Florida

SunTrust building at 777 Brickell sells for $140M

777 Brickell Avenue
777 Brickell Avenue

A private South American investment group purchased the SunTrust Bank building at 777 Brickell Avenue for $140 million, CBRE Capital Markets announced Thursday.

The 13-story office building has 288,485 square feet and is attached by walkway to an adjacent five-story parking garage. Major tenants include SunTrust Bank, Truluck’s and Quest Workspaces.

CBRE  represented the seller, Brickell Office Plaza, whose managing member is Peter Dicorpo of CBRE Global Investors.

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The 777 Brickell Avenue office tower  last sold for $44.5 million, when Brickell Office Plaza purchased it in 2002, according to Miami-Dade County property records.

The building is 93-percent leased by 29 tenants, according to a release.

“Miami continues to draw significant capital from intelligent, well-informed investors,” said CBRE Vice Chairman Christian Lee in a statement. “777 Brickell, one of only four waterfront sites on Brickell Avenue, is just the latest example of that.” — Sean Stewart-Muniz

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CBRECommercial Real Estate