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SunTrust International Center Sells for $127M

Miami Office Tower has Five Contiguous Vacant Floors
May 14, 2018
In the priciest single-asset office sale so far this year in Miami-Dade County, the 4-Star SunTrust International Center traded for $127 million, or roughly $283 per square foot.

Institutional investor PCCP LLC bought the 31-story property at 1 SE Third Ave. in the Downtown Miami submarket from Crocker Partners.

The 449,076-square-foot building has nearly 170,000 square feet of vacant space that was renovated recently, according to CBRE, which brokered the sale.

"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," CBRE’s Jose Lobón said in a statement.

The largest tenants in the building include the Florida Attorney General’s office and the Podhurst Orseck law firm. The building is about 63 percent occupied.

In connection with the acquisition, PCCP secured a $101.8 million financing package through Invesco. CBRE's debt and structured finance team arranged the financing.
See CoStar COMPS #4263617.

Officials from PCCP did not return a phone call for comment.

Angelo Bianco, managing partner for Crocker, told CoStar News that he wanted to stabilize the vacancy before sale, but the building was owned as part of a co-mingled fund that expired, and the properties had to be liquidated.

"Luckily, we did well on the sale," he said.

Crocker paid $82.5 million, or about $122 per square foot, as part of an auction sale in 2011, according to CoStar data. That deal included a parking annex near the building, but the annex was not included in the sale to PCCP, Bianco said.

See CoStar COMPS #2155498.

Boca Raton-based Crocker, an office landlord focusing on major Class A properties in South Florida and across the state, has been active in recent weeks.

Last month, Crocker acquired the 1.8 million-square-foot Boca Raton Innovation Campus in Boca Raton, FL, with plans to add retail and possibly residential to the 123-acre park developed by IBM in 1970.

Crocker also owns the 809,594-square-foot Citigroup Center at 201 S. Biscayne Blvd. in downtown Miami. The firm announced Friday that the Duane Morris LLP law firm signed a lease for 23,128 square feet at the 34-story tower.

Duane Morris plans to move from the 1.23 million-square-foot Southeast Financial Center at 200 S. Biscayne Blvd. in October.

Tower CRE, the brokerage firm representing Crocker, said the deal is the largest new lease signed in downtown Miami so far this year. Tower CRE’s Cristina Glaria declined to reveal the length of the lease but said it’s valued at $16.8 million.

Paul Owers, South Florida Market Reporter  CoStar Group   
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