Another Downtown Miami Office Landmark Up For Sale

Mar 01, 2011 No Comments by

Boston-based Guggenheim Real Estate and its minority partner, Fort Lauderdale-based Stiles Corp., have put their SunTrust International Center on the auction block.

“It’s a combination of a portfolio adjustment, as well as a warming of the Miami investment market,” said John Detwiler, asset manager for Guggenheim.

The institutional investment fund also owns the 800 Brickell Ave. office building, but that is not on the market.

Detwiler said Guggenheim has an expectation of what the 31-story, 420,080-square-foot SunTrust tower should fetch and, if it can get that, it will sell. If not, then it won’t.

He declined to specify what dollar amount would convince Guggenheim to part with the tower – which it has owned since late 2003 – but an industry source familiar with the property puts the building’s value at about $80 million.

It is unclear how much Guggenheim paid for the tower because it appears as if it was acquired as a corporate entity transaction, not an outright property sale. The state has since closed that tax loophole, requiring that the price be disclosed to property appraisers for taxing purposes.

Jones Lang LaSalle has been hired to market the property. Jubeen Vaghefi, managing director of capital markets for JLL in Miami, could not be reached for comment.

The building is about 82 percent leased, with tenants including SunTrust, Akerman Senterfitt and the Daily Business Review.

Source: SFBJ

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Industry News, Miami-Dade County Office, NA, Office
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