Dilweg Cos. have closed on the purchase of Sarasota City Center, a 13 story office tower, for $36.5 million. The 245,293 square foot building located at 1819 Main St., changed hands for a little under $150 per sqf. The buyer is planning to invest $4 million to enhance the building’s fitness center, hallways, lobby, bathrooms along with adding a conference facility and a tenant social space. Built in 1989, the asset 88 percent leased at the time of the sale to tenants including financial firms Merrill Lynch, UBS, Wells Fargo, and food maker Boar’s Head Provisions Co. Colliers International will continue to lease the building while the purchaser will manage the day to day operation of the tower.
“We’ve been looking at Sarasota for quite a while now, and we think Sarasota City Center is one of the best buildings in the market there,” says Drew Cunningham, a Dilweg partner and the firm’s COO. “It’s got a very good location and physical attributes. We plan to expand the amenity package and put some money into updating it and making it more attractive.”
