PCCP Acquires Miami Office Tower for $127M

May 21, 2018

PCCP LLC, Los Angeles, acquired The SunTrust International Center office tower in downtown Miami for $127 million.

Crocker Partners, Atlanta, sold the 31-story office tower on Friday, May 11.

South Florida Real Estate News reported Crocker Partners acquired the property in 2011 for $82.4 million and invested $15 million in a complete makeover three years ago.

CBRE, Los Angeles, represented Crocker Partners in the transaction and secured $101.8 million in financing from Invesco, Atlanta. CBRE South Florida Capital Markets Institutional Group Vice Chairman Christian Lee and Senior Vice President José Lobón sold the property; Vice President Amy Julian and Financial Analyst Andrew Chilgren arranged the mortgage.

“SunTrust International Center offers an immediate opportunity to drive value through the lease-up of 169,727 square feet of vacant space in a building that just completed a comprehensive renovation,” Lobón said. He noted most of the current vacancy comes from five contiguous full floors in the tower’s upper stack, “[representing] one of the most desirable blocks of space currently available in the Miami central business district.”

Julian said Invesco’s loan will PCCP to execute an “aggressive” lease-up plan that includes a strategic speculative suite program.

CoStar, Washington, D.C., called the transaction the priciest single-asset office sale in Miami-Dade County so far this year.

The tower contains nearly 440,000 square feet of leasable space.