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News release

Miami, FL.

Jones Lang LaSalle Markets SunTrust International Center in Miami

One of Miami’s most recognized buildlings; Expected to fetch $80+ million


MIAMI, Mar. 15, 2011 – Jones Lang LaSalle today announced the firm has been chosen to market the iconic 31-story landmark office building and adjacent parking garage annex known as SunTrust International Center in Miami’s Central Business District.  The 420,857-square-foot property has a diverse, tenured regional credit tenant roster and is expected to fetch $80+ million.

Leading the Jones Lang LaSalle team on this transaction are Managing Directors Jeff Morris, Jubeen Vaghefi, Denny St. Romain and Vice President Steve Echelson. 

“As a seven-time winner of BOMA’s ‘Building of the Year,’ this property is one of the most distinguished offerings in downtown Miami,” said Morris.  “It also offers one of the highest downtown parking ratios in an area that presents significant barriers to entry.”

Added Vaghefi, “We expect to secure interest from institutional investors, both national and international, who recognize the ability to access Miami’s dynamic, internationally-oriented economy at a below-market replacement cost for this property.  At 82 percent leased, SunTrust International Center will also provide a significant value add opportunity as the leasing market tightens and rental rates increase.”

SunTrust International Center is located one block west of Biscayne Boulevard at 1 SE 3rd Avenue, offering spectacular views of Biscayne Bay and the city.  The property was extensively renovated in 1990 and 2002 and the institutional owners recently completed a full modernization of the building’s 11 high-speed elevators.  The 31-story concrete, marble and glass tower is one of the most recognized buildings in Miami.  Parking is offered in two structures, including an integrated seven-story 662-space parking garage and a 763-space seven-deck parking garage annex located one block north of the office tower.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2010 alone, Jones Lang LaSalle Capital Markets completed $43 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $33 billion in global investment sales and buy-side transactions, equating to nearly $140 million of investment trades completed every working day around the globe. In the United States, Jones Lang LaSalle grew its office broker volumes by 257 percent in 2010 and is quickly gaining market share across all property types. Our Capital Markets team comprises approximately 800 specialists, operating in 185 major markets worldwide. 

About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
 

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