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Downtown Tampa's SunTrust Financial Centre sold to Highwoods Properties

Downtown Tampa's SunTrust Financial Centre sold to Highwoods Properties [Times Files]
Downtown Tampa's SunTrust Financial Centre sold to Highwoods Properties [Times Files]
Published Oct. 1, 2015

The 35-story SunTrust Financial Centre in downtown Tampa has been sold to Highwoods Properties, a Raleigh, N.C., company.

The company announced in a news release Wednesday that the acquisition is a $124 million investment, 40 percent below estimated replacement cost.

The 528,000-square-foot building is currently 89 percent occupied, though some pending departures will bring that figure down to 77 percent, Highwoods Properties said in a news release.

"SunTrust Financial Centre is one of the top trophy assets" in Tampa's central business district, Highwoods president and CEO Ed Fritsch said in a statement. "The building offers spectacular views of Tampa Bay and the downtown skyline and provides numerous amenities for our customers."

Highwoods also bought an adjacent 1-acre city block that has 245 parking spaces for the building but is suitable for mixed-use development, the company said.

The company, which has other properties in Tampa, also announced that it had purchased an 896,000-square-foot, two-building property in the Buckhead area of Atlanta.

Highwoods is a real estate investment trust that owns, develops, acquires, leases and manages properties primarily in the business districts of Atlanta; Greensboro, N.C.; Kansas City, Mo.; Memphis; Nashville; Orlando; Pittsburgh; Raleigh, Richmond, Va.; and Tampa.