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Stiles Set for Another Big Ticket Deal

MIAMI-The Fort Lauderdale-based company retains JLL to market 420,080 sf of office space here. JLL also gets the call by Florida Office Property Co. to market 228,000 sf of office space in Orlando.

By Melissa Kress | Updated on September 27, 2007

MIAMI-As the ink is still drying on its ticket into the Tampa market, Stiles Capital Partners has turned to a familiar team to help sell a Florida asset. This time Stiles has retained Jones Lang LaSalle to market SunTrust International Center here. JLL did not release the asking price, but industry watchers peg the SunTrust International Center ask at $158 million.

The Fort Lauderdale-based company is looking to sell the SunTrust International Center. The 420,080-sf class A office property is at 1 SE Third Ave. in the city’s CBD. The for-sale sign comes one week after Stiles was involved in a large deal on the other side of the state–this time as a buyer, not a seller. In that deal Stiles paid more than $100 million for the SunTrust Financial Center at 401 E. Jackson St. in Tampa, as GlobeSt.com previously reported. Jones Lang LaSalle also represented Stiles in this deal.

The SunTrust International Center is a 31-story asset with views of the city and Biscayne Bay. Its amenities include a car wash, full-service dry cleaning, 24-hour security, a parking garage, a deli and a pharmacy. The property was fully renovated in 2002, and the tenant roster includes Bank of America, Miami Business Review, Salomon Smith Barney and SunTrust Bank. According to GlobeSt.com’s records, Stiles bought the property from Walton Street Advisors in December 2003. At that time SunTrust International Center carried an $80-million ask.

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