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Tampa's SunTrust skyscraper is sold for $82 million

A crown jewel of Tampa's skyline has sold as part of a 14-building deal.

The SunTrust Financial Centre went for $82 million — $32.5 million less than it sold for in 2007.

Beacon Capital Partners, a Boston-based real estate investment trust, bought the 36-story skyscraper and 13 other buildings last month in a $1.71 billion deal with Australia-based Charter Hall. The sale also included the SunTrust tower in Orlando.

Camille Renshaw, director of investment sales at Colliers International Tampa Bay, said the selling price of the Tampa tower is strong even through it is lower than the 2007 price tag. Prime buildings with lower vacancy rates are drawing the most interest from buyers, she said. Those prices could start rising again.

"We are in a new market place," Renshaw said. "Everything has changed."

The sale has not yet been recorded in appraiser records. Charter Hall announced the sale in a news release. Beacon Capital Partners declined to comment.

The Tampa tower at 401 E Jackson St. sold in 2007 for $114.5 million and $73.5 million in 2004. It is Tampa's fourth tallest building, enclosing 527,000 square feet. It was built in 1992 and has an average rent of $26 per square foot. It's taxable value is about $53 million. The vacancy rate in July was 22 percent.

The tower is one of the most recognizable buildings on Florida's Gulf Coast. The ziggurat-shaped light display on the peak illuminates the skyline and can be seen for miles.

Mark Puente can be reached at mpuente@tampabay.com or (727) 893-8459. Follow him at Twitter at twitter.com/markpuente.

Tampa's SunTrust skyscraper is sold for $82 million 12/01/11 [Last modified: Friday, December 2, 2011 1:46pm]
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