Make us your home page
Instagram

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]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Posh Guy Harvey RV park to open in Tampa Bay with $250,000 cottages

    Business

    Love those Guy Harvey T-shirts with the soaring marlins? In the not too distant future, you might be able to kick back in your own Guy Harvey cottage in the first-ever Guy Harvey RV park.

  2. Port Tampa Bay secures $9 million grant to deepen Big Bend Channel

    Business

    Port Tampa Bay has secured a $9 million grant from the U.S. Army Corps of Engineers for the widening and deepening of the Big Bend Channel in southern Hillsborough County.

  3. Tampa International Airport morphing into a mini-city unto itself

    Airlines

    TAMPA — By the end of the 2026, Joe Lopano wants Tampa International Airport to function as its own little city.

    Artist rendering of phase two of the $1 billion construction expansion of Tampa International Airport. The airport is transforming 17 acres of airport property that will include at least one hotel, retail and office space and a gas station, among other things.
[Courtesy of Tampa International Airport]
  4. Lost Highway: As FHP struggles to recruit, speeding tickets plummet

    State Roundup

    TALLAHASSEE — The number of speeding tickets written by Florida state troopers has plunged three straight years as the agency grapples with a personnel shortage and high turnover.

    State data shows FHP troopers are not writing violations for speeding or other infractions like they did back in 2011, even though there's 1 million more licensed drivers in Florida.
  5. Kidpreneurs — and adults — capitalize on gooey, squishy Slime craze

    Retail

    Aletheia Venator and Berlyn Perdomo demonstrate the stretchiness of their slime. - Berlyn Perdomo and her friend, Aletheia Venator, both 13, make and sell slime which can be seen on their instagram site @the.real.slimeshadyy [JIM DAMASKE   |   Times]