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New York City-based iStar Financial has completed the first phase of its renovation to the M&I Bank in downtown Sarasota.
The commercial real estate lending firm has renovated the common areas on the first and second floors of the 11-story building, upgraded security and made improvements to the landscaping. The renovations also included construction of a conference room, security and management offices and installing new flooring, lighting, elevator cabs and walls in the common areas.
“We have one of the nicest assets in all of Sarasota, yet it was masked by its age,” says Greg Camia, senior vice president with iStar Financial. “We believe that the investment will retain and attract new tenants as well as provide a solid return on investment.”
The first phase of the renovation cost the building owner more than $1 million. The building owner hopes to complete renovations on the common area of the remainders of the floors later this year. It has priced that work at $300,000.
Asking rents for the office building range from middle to upper $20s per square foot
Constructed in 1986, the 128,389-square-foot building is currently 70% occupied. It is located at 240 South Pineapple Ave., Sarasota.
iStar Financial took ownership of the building in September 2008 after the Sarasota-based Triton Cos. defaulted on a $40 million loan on the property.
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