CBRE Facilitates $127 Million Sale Of Downtown Miami Office Tower

May 14, 2018 No Comments by

CBRE has arranged the sale and financing of SunTrust International Center, located at 1 SE 3rd Avenue in Miami.

The landmark 31-story, 770,195-square-foot tower features signature Italian stone cladding and recently underwent a comprehensive $13.5 million renovation in 2015 which included an immaculate 20-foot high grand lobby with travertine finishes throughout, upgrades to all multi-tenant floors, cosmetic elevator modernization, outdoor terraces with downtown views and a new streetscape. The full benefits of this renovation have yet to be realized.

PCCP, LLC acquired the property for $127 million. The deal closed Friday, May 11.

The property last sold for $82.4 million in 2011.

The CBRE Capital Markets team facilitated the sale on behalf of the seller, Crocker Partners. Additionally, the CBRE Debt & Structured Finance team arranged financing of $101.8 million with Invesco on behalf of the buyer. Vice Chairman Christian Lee and Senior Vice President José Lobón oversaw the transaction on the sale effort, and Vice President Amy Julian on the financing. The CBRE Capital Markets team also included Senior Financial Analyst Andrew Chilgren.

 

“SunTrust International Center offers an immediate opportunity to drive value through the lease up of 169,727 SF of vacant space in a building that just completed a comprehensive renovation.” explained José Lobón, Senior Vice President, CBRE Capital Markets. “Furthermore, the majority of this vacancy is made up of five contiguous full floors located in the upper stack of the tower and represents one of the most desirable blocks of space currently available in the Miami CBD.”

 

“We are pleased to help PCCP with this acquisition as they build upon their South Florida success. Invesco’s loan will allow them to execute an aggressive lease-up plan that includes a strategic speculative suite program that has had much success at this property.” added Amy Julian, Vice President, CBRE Debt & Structured Finance.

 

 

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Industry News, Miami-Dade County Office, Office
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