The Real Deal Miami

SunTrust building in downtown Miami completes $15M revamp

Crocker Partners paid $82.4M for the building in August 2011
April 13, 2015 02:30PM

SunTrust International Center's renovations

SunTrust International Center’s renovations

Renovations of the SunTrust International Center, a 31-story, 449,000-square-foot office building in downtown Miami are complete, Crocker Partners announced on Monday.

The $15 million of improvements include 20,000 square feet of spec Class A office suites, a 4,000-square-foot Bayview Sky Terrace, a tenant gym and a conference facility, according to a press release.

“There’s been a proliferation of executive suites in the downtown. As companies outgrow that space and hire their own administrative staff, SunTrust Center is dedicating more than a full floor to meet their needs,” Cushman & Wakefield’s Jon Blunk said in the release. “While smaller suites are traditionally carved out of a building’s least desirable space, we’ve allocated prime footage for these tenants. The suites have spectacular views and the same amenities larger space users enjoy.”

Akerman LLP is moving out of the office building and into Brickell City Centre later this year, leaving 116,000 square feet vacant.

Vacancy rates in Miami’s Central Business District ended 2014 at 15 percent, down 5.2 percent from 2013, according to a Cushman & Wakefield report.

Crocker Partners paid $82.4 million for the office tower in August 2011, according to Miami-Dade property records. It was built in 1969.

In December, Crocker Partners paid $81 million for two Boca Raton office towers it built in the late ‘80s and early ‘90s. In March, the company secured a $72 million mortgage for the site. – Katherine Kallergis