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SunTrust building in downtown Miami sells for $127M
Seller Crocker Partners recently completed a multi-million renovation
SunTrust International Center in downtown Miami just sold to PCCP for $127 million.
Crocker Partners sold the 31-story office building at 1 Southeast Third Avenue about three years after renovating the tower. The 440,000-square-foot office building has nearly 170,000 square feet of vacant space, José Lobón of CBRE said in a press release. The 33,500-square-foot retail portion is fully leased, and includes a 13,000-square-foot Walgreens.
PCCP financed the deal with a $101.8 million loan from Invesco. CBRE’s Amy Julian helped arrange the financing, while Christian Lee, Andrew Chilgren and Lobón represented the seller in the deal.
The tower’s recent $13.5 million renovation includes upgrades to its grand lobby and multi-tenant floors. Renovations also include new elevators and revamped outdoor terraces. Tenants include Adstream America, Cogent Communications, Q-nomy, the Italian Trade Commission and SunTrust.
Records show Crocker Partners paid $82.4 million for the property in 2011.
Headquartered in Los Angeles, with offices in New York and San Francisco, PCCP has about $6.5 billion in assets under management on behalf of institutional investors, according to the release.