Steelbridge Capital acquired SunTrust Center

SunTrust Banks Inc.’s SunTrust Center was acquired by Steelbridge Capital for $86.5 million. The 270,000 square foot office complex is located at 501 and 515 E. Las Olas Blvd. in downtown Fort Lauderdale. The complex has a 17 story office tower as well as a 3 story annex.

Florida property management mentioned that although SunTrust Center is 77% occupied, Steelbridge Capital intends to renovate the property. More retail space will be added to the annex and the technology will also be upgraded. Other details on the renovation plan is yet to be disclosed.

SunTrust Center is Steelbridge’s second Florida based investment. The company also owns Cypress Financial Center located at 500 N. Andrews Ave and has a total of 200,000 square foot of office space. Steelbridge acquired Cypress Financial Center last 2014 for $32.55 million.

In Boca Raton, the Lakeside Centre was recently acquired by EDENS for $13.5 million from Ocean Properties Ltd. The 22.8 acre Lakeside Centre is located at 814 Glades Road and was originally built in 1991.

South Carolina based EDENS has a regional office in Miami. The company owns several South Florida centers. This includes Miami Beach’s Fifth and Alton, Fort Lauderdale’s Planters Plaza; and North Miami Beach’s Biscayne Commons.

Source: www.sun-sentinel.com