The Real Deal Miami

Starwood Capital Group sells Sunrise office building for $51M

Class A building is 96% percent leased
February 02, 2018 11:30AM

Barry Sternlicht and Sawgrass Pointe I

Starwood Capital Group just sold an office building in Sunrise for $51.1 million.

SVT Sawgrass Point I LP sold Sawgrass Pointe 1, a 231,000-square-foot, six-story Class A building at 1000 Sawgrass Corporate Parkway, to True North, an investment management firm based in New York.

Starwood paid $44 million for the building in 2015, property records show. Duke Realty sold it in 2015 as part of a nine-property office portfolio it sold to Starwood Capital, Trinity Capital Advisors and Vanderbilt Office Properties for $178.3 million, part of a $1.1 billion sale in four states.

The building is within the Sawgrass International Corporate Park, home to the regional headquarters for Ford, Fidelity Information Systems, AT&T and American Express, according to a press release. Sawgrass Pointe was completed in 2002 and is 96 percent leased to 17 tenants with a remaining average lease term of more than five years.

CBRE’s Christian Lee and José Lobón represented the seller along with Amy Julian, Chris Gallagher and Tyler Ploshnick, according to the release. – Katherine Kallergis