Walton paid the Equitable Life Assurance Society of the United States $57.5 million for SunTrust International Center in early 1999. It was completed in 1973 and underwent renovations in 2002; and at press time, SunTrust International Center was 88% occupied.

"The building's close-to-everything urban location, strong tenancy and efficient design made it an attractive acquisition," Doug Eagon, president of Stiles Corp., says in a statement. "Purchasing this landmark property in Miami's dynamic Downtown market is a key step in Stiles' statewide expansion and acquisition efforts." He noted the company's Investment Services group's goal to acquire $150 million in "quality real estate assets" in the South Florida, Tampa and Orlando areas next year.

With STIC Partners' purchase of the building, which has seven stories of parking, the venture also acquired an annex parking lot northwest of the building. Stiles' realty and property management divisions will handle the building's leasing and management.