31-Story Downtown Office Tower Trades

MIAMI-Fort Lauderdale, FL-based STIC Partners LP, a joint venture between Stiles Corp. affiliates and Guggenheim Partners Real Estate, purchased the 31-story, 418,404-sf SunTrust International Center Downtown from an affiliate partnership of Chicago-based Walton Street Advisors. The sale price was not disclosed; however, Walton was seeking around $80 million, and several companies made offers earlier this year, according to published reports.

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.