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.
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