{"id":1004147306,"date":"2016-07-11T00:29:32","date_gmt":"2016-07-11T08:29:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004147306"},"modified":"2022-03-03T10:53:07","modified_gmt":"2022-03-03T18:53:07","slug":"steelbridge-closes-largest-ft-laudy-office-deal-since-2015","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/steelbridge-closes-largest-ft-laudy-office-deal-since-2015\/","title":{"rendered":"Steelbridge Wraps Fort Lauderdale’s Biggest Office Deal Since 2015"},"content":{"rendered":"

By Robert Demeter<\/em><\/p>\n

\"SunTrust<\/a>

SunTrust Center<\/em><\/p><\/div>\n

Miami<\/strong>\u2014Steelbridge Capital<\/a> recently completed the acquisition of SunTrust Center, a 270,000-square-foot Class A office complex in Fort Lauderdale for $90 million, or roughly\u00a0$330 per square foot. This marks the largest office building<\/a> deal in the city since 2015.<\/p>\n

At the time of the sale, the property was 77 percent leased. As part of the transaction, the seller, SunTrust Banks Inc.<\/a>, committed to long-term retail and office leases in both buildings.<\/p>\n

CBRE<\/a> South Florida Capital Markets Team comprising of Christian Lee, Amy Julian and Jos\u00e9 Lob\u00f3n, arranged a $75.4 million loan on behalf of Steelbridge Capital through The Blackstone Group<\/a> to finance the acquisition of the asset. Lincoln Harris<\/a> represented the seller.<\/p>\n

\u201cIconic is a term that is often thrown around, however, in this case, we could not be more pleased to have this truly iconic asset under our ownership,\u201d said Mike Manno, managing principal at Steelbridge Capital. \u201cWe are pleased to partner with SunTrust Bank, our lead tenant and an established financial brand within the Southeast, to elevate this asset to compete at the highest level within the Downtown submarket.\u201d<\/p>\n

Steelbridge Capital will implement a comprehensive multimillion-dollar renovation plan to reposition the complex, which encompasses an entire city block and includes an adjoined 17-story tower and 3-story office annex, a parking garage, as well as several development parcels. Plans for the vacant 45,000 square feet include retail and office projects. Additionally, the office tower will undergo technology upgrades to improve efficiencies and aesthetic renovations to the lobby and select common areas.<\/p>\n

SunTrust Center is located along East Las Olas Boulevard at 501 and 515, at the crossroads with the Central Business District.<\/p>\n

Image\u00a0via Google Photos<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The new owner plans a multimillion-dollar renovation of the iconic SunTrust Center.<\/p>\n","protected":false},"author":59,"featured_media":1004147326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,1492,21742,21747],"tags":[],"class_list":["post-1004147306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-miami","category-latest","category-office"],"acf":[],"yoast_head":"\nSteelbridge Wraps Fort Lauderdale's Biggest Office Deal Since 2015 - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/steelbridge-closes-largest-ft-laudy-office-deal-since-2015\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Steelbridge Wraps Fort Lauderdale's Biggest Office Deal Since 2015\" \/>\n<meta property=\"og:description\" content=\"The new owner plans a multimillion-dollar renovation of the iconic SunTrust Center.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/steelbridge-closes-largest-ft-laudy-office-deal-since-2015\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-07-11T08:29:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-03T18:53:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/07\/Untitled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1430\" \/>\n\t<meta property=\"og:image:height\" content=\"927\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Robert Demeter\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steelbridge-closes-largest-ft-laudy-office-deal-since-2015\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steelbridge-closes-largest-ft-laudy-office-deal-since-2015\\\/\"},\"author\":{\"name\":\"Robert Demeter\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1b890baecdbd25af52e3a730ac8cff6f\"},\"headline\":\"Steelbridge Wraps Fort Lauderdale’s Biggest Office Deal Since 2015\",\"datePublished\":\"2016-07-11T08:29:32+00:00\",\"dateModified\":\"2022-03-03T18:53:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steelbridge-closes-largest-ft-laudy-office-deal-since-2015\\\/\"},\"wordCount\":292,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steelbridge-closes-largest-ft-laudy-office-deal-since-2015\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/07\\\/Untitled.jpg\",\"articleSection\":[\"Deals\",\"Finance\",\"Investment\",\"Miami\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steelbridge-closes-largest-ft-laudy-office-deal-since-2015\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steelbridge-closes-largest-ft-laudy-office-deal-since-2015\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/steelbridge-closes-largest-ft-laudy-office-deal-since-2015\\\/\",\"name\":\"Steelbridge Wraps Fort Lauderdale's Biggest Office Deal Since 2015 - 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