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Grander Capital-Led Venture Closes on SunTrust Tower in Downtown Baltimore

Franklin Street Properties Clears $32.8 Million in Sale of 25-Story High-Rise Anchored by SunTrust Bank
October 31, 2017
Grander Capital Partners and Boston Andes Capital teamed up in the $32.8 million acquisition of the SunTrust Tower in downtown Baltimore, MD from Franklin Street Properties Corp. (NYSE: FSP).

The Massachusetts-based firms paid a little more than $100 per square foot for the 25-story high-rise 75% leased to SunTrust Bank, State of Maryland Pension System and Baltimore City State Attorney's Office, among others.

Completed in 1989, SunTrust Tower totals 326,822 square feet on a nearly half-acre site at 120 E. Baltimore St. in the city's central business district. The new owners plan to carry out cosmetic upgrades to the property.

Jonathan Carpenter, Graham Savage and Nicole Keelty of Cushman & Wakefield handled negotiations on behalf of Franklin Street Properties Corp., a Wakefield, MA-based REIT that had owned the asset for 10 years.

Please see CoStar COMP #4043618 for more information on the transaction.
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