The Real Deal Miami

SunTrust building at 777 Brickell sells for $140M

Building last sold for $44.5M in 2002

February 12, 2015 02:15PM

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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.

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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