Global Management and Steelbridge Capital has secured $75.4 million in acquisition financing for the purchase of the SunTrust Center in Fort Lauderdale. The partnership paid $90 million for the 17 story, 218,635 sqf, Class A office tower along with a three-story, 44,000 sqf annex building. SunTrust Center sits at the NE corner of SE 5th Avenue and Las Olas Boulevard in the Fort Lauderdale CBD and features amenities including full-service banking, cafe, 24-hour security and substantial parking. Christian Lee, Amy Julian and JosĆ© LobĆ³n of CBREās Miami office arranged the financing with a floating rate loan throu Blackstone Group.
āThe iconic SunTrust Center was highly pursued by many lenders. Blackstoneās loan terms and structure will allow the sponsorship to efficiently execute their business plan to position the tower firmly amongst the Tier 1 Class A CBD office assets and transform the annex into the premier boutique office building with high-end ground level retail on Las Olas,ā said Amy Julian, Vice President, Capital Markets, CBRE.
