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SunTrust Financial Centre sells for $84.5M

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  • | 10:44 p.m. January 13, 2012
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  • Tampa Bay-Lakeland
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SELLER: CQO 401 Jackson Tampa Borrower LLC
PROPERTY: 401 E. Jackson St., Tampa
PRICE: $82.5 million
PREVIOUS PRICE: $73.59 million, February 2004 (includes multiple parcels)

SELLER: CQO 401 Jackson Tampa Parking Borrower LLC
PROPERTY: 401 E. Washington St. and 102 S. Marion St., Tampa
PRICE: $2 million
PREVIOUS PRICE: $73.59 million, February 2004 (includes multiple parcels)

LAW FIRM ON DEED: King & Spalding LLP, Atlanta

PLANS, DESCRIPTION: The Brookdale Group LLC has returned to Tampa with the addition of a marquee building to its portfolio. The Atlanta-based commercial real estate investment firm purchased the 527,237-square-foot, 36-story SunTrust Financial Centre for $84.5 million.

The price equated to $160 per square foot.

The office tower at Florida Avenue and Jackson Street in Tampa's Central Business District was 80% occupied at the time of the sale. SunTrust Bank, container shipper Hapag-Lloyd and advertising agency 22squared anchor the 19-year-old building. Its amenities include security, conference space for up to 60, a fitness center, restaurant, the Jackson Street Bistro Coffee, La Caffe Nostra Sundry, auto detailing and repair, and dry cleaning. The Energy Star-rated building is also cabled for fiber optic communications, has a full fire sprinkler system, and features an emergency generator.

Jeff Morris of Jones Lang LaSalle Brokerage Inc.'s Capital Markets represented the seller. Sharon Bragg of Jones Lang LaSalle is marketing the vacant tenant space.

The purchase marketed the return of one of the more prominent Tampa Bay building owners that left the market just prior to the real estate crash. Prior to the selling its properties in 2005, The Brookdale Group and its joint venture with Charlotte-based Crescent Resources LLC owned six high-end office/mixed-use properties in Tampa, including the Corporate Center at International Plaza.

Officials from The Brookdale Group declined to comment on the purchase. However, the firm's website says it is targeting the submarkets of Westshore and East Tampa for investments.

The Brookdale Group's purchase entity F6STFC LLC mortgaged the building to JPMorgan Chase Bank NA for $56.76 million.


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