$87M Sale of SunTrust Center in Ft. Lauderdale

Miami-based investment company Steelbridge Capital has purchased the SunTrust Center, a 270,000 square foot office complex in downtown Fort Lauderdale, for $86.5 million. SunTrust Banks Inc. sold the Class A property, arranging to remain in the block-sized complex as long-term retail and office tenants. According to a report from The Real Deal, Steelbridge financed the deal with a $75.4 million loan from the Blackstone Group. Terms of the sale were not disclosed, with Lincoln Harris representing the seller and CBRE representing Steelbridge, in addition to sourcing the financing.

"Iconic is a term that is often thrown around, however, in this case, we could not be more pleased to have this truly iconic asset under our ownership," said Mike Manno, managing principal at Steelbridge Capital. "We are pleased to partner with SunTrust Bank, our lead tenant and an established financial brand within the Southeast, to elevate this asset to compete at the highest level within the downtown submarket."

501 and 515 E. Las Olas Blvd. includes a 17-story office tower and three-story annex, and is the largest office building to trade in Broward County's downtown submarket so far this year. The complex, which covers a full city block in the CBD, will undergo improvements under new ownership, with Steelbridge announcing that it intends to spend millions to renovate the complex to give it a new façade, first-floor retail space and a remodeled interior. The property, which SunTrust had owned since 1999, was 77% leased at the time of sale.

For more news and information visit Blumberg Partners.

Miami Tower Sold for $106M

The Miami Tower, a landmark property of the Miami skyline, traded hands last Friday for $106 million as Blue Capital US East Coast Properties sold the building to I&G Miami, Inc. Designed by I.M. Pei and built in 1987, the 600,000 square foot building is currently 80% leased with tenants including Carlton Fields, UBS Financial Services, law firm Boies Schiller & Flexner, Vector Group, and law firm Buchanan Ingersoll & Rooney. The transaction ranks as the highest-valued real estate trade in the Miami market this year according to The Miami Herald.

"In the end, this is a classic example of a quality asset attracting a quality institutional owner," said Manny de Zarraga of Holliday Fenoglio Fowler, which represented the seller. "This trade is a big boost for the Miami real estate market and we expect a spark of momentum will stem from this sale heading into 2011."

"It's a good sign that somebody believes long-term in the Miami market," said Jay Caplin, managing principal of Steelbridge Capital in Miami, which sells and manages office properties. "The market has been largely stagnant."

For more news and information visit Blumberg Capital Partners.