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Kuhn Buys SunTrust Tower for $37M

Buyer of 23-Story Jacksonville Center to Rename Project River Watch at City Center
September 30, 2005
Orlando-based developer Cameron Kuhn is expanding into Jacksonville with the purchase of the 23-story SunTrust Tower from Capital Partners for $37 million.

Kuhn plans to change the name of the 383,239-square-foot, Class A, office building to River Watch at City Centre. The building at 76 Laura Street in downtown's Jacksonville's Northbank submarke was constructed in 1989 and is currently only half full. But the building's two main tenants are under long-term leases. SunTrust occupies over 72,000 square feet of space encompassing four and a half floors. The second largest tenant, Humana Health Care occupies two floors.

Humana sold the building to Capital Partners in 2004.

"We believe downtown Jacksonville under the leadership of Mayor John Peyton has the same potential as downtown Orlando," Kuhn said in a statement announcing the purchase. "What we have planned for River Watch at City Centre will change downtown Jacksonville and the riverfront and ignite a new generation of downtown Jacksonville places and opportunities. We want to be a part of that," Kuhn added.

Kuhn has purchased and repositioned more than 20 properties in downtown Orlando, including the $140 million Premiere Trade Plaza mixed-use development.

Stirling International Realty, Inc. represented Capital Partners in the transaction while Tom Cook Commercial, based in Orlando, represented Kuhn.
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