Steelbridge Wraps Fort Lauderdale’s Biggest Office Deal Since 2015
- Jul 11, 2016
Miami—Steelbridge Capital recently completed the acquisition of SunTrust Center, a 270,000-square-foot Class A office complex in Fort Lauderdale for $90 million, or roughly $330 per square foot. This marks the largest office building deal in the city since 2015.
At the time of the sale, the property was 77 percent leased. As part of the transaction, the seller, SunTrust Banks Inc., committed to long-term retail and office leases in both buildings.
CBRE South Florida Capital Markets Team comprising of Christian Lee, Amy Julian and José Lobón, arranged a $75.4 million loan on behalf of Steelbridge Capital through The Blackstone Group to finance the acquisition of the asset. Lincoln Harris represented the seller.
“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.”
Steelbridge Capital will implement a comprehensive multimillion-dollar renovation plan to reposition the complex, which encompasses an entire city block and includes an adjoined 17-story tower and 3-story office annex, a parking garage, as well as several development parcels. Plans for the vacant 45,000 square feet include retail and office projects. Additionally, the office tower will undergo technology upgrades to improve efficiencies and aesthetic renovations to the lobby and select common areas.
SunTrust Center is located along East Las Olas Boulevard at 501 and 515, at the crossroads with the Central Business District.
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