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'Copper-Whopper' Office Asset Sells for $51M

ORLANDO-USAA Institutional Equity LP sells the 240,000-sf, 92%-leased, copper-sheathed AmSouth Bank Building to Chicago-based Fulcrum Asset Advisors LLC for an estimated $51 million, people in a position to know tell GlobeSt.com.

By Alex Finkelstein | Updated on July 27, 2005

ORLANDO-One of the most visible class A office towers Downtown, the 20-story, 240,000-sf, copper-clad AmSouth Bank Building known during its 19-year existence as the Copper Whopper, has been sold for an estimated $51 million or about $213 per sf, people in a position to know tell GlobeSt.com. The sale hasn’t yet been recorded at the Orange County Courthouse.

However, Downtown brokers intimate with the deal’s principals tell GlobeSt.com Fulcrum Asset Advisors LLC, of Barrington, IL near Chicago, bought the 92%-leased property from Institutional Equity LP, an affiliate of San Antonio-based USAA Real Estate Co.

The property at 111 N. Orange Ave. drew purchase bids from 45 potential buyers, brokers familiar with the deal tell GlobeSt.com. “It was the most sought-after trophy office asset we have seen in a long time in Downtown Orlando,” says a banking mortgage company representative not directly associated with the transaction.

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