MIAMI-The SunTrust International Center has changed hands. Financial terms for the sale of the iconic 31-story office building and adjacent parking lot in Downtown Miami were not disclosed.

Crocker Partners purchased the 420,857-square-foot property from Stiles Corp. and an unnamed partner. Jones Lang LaSalle managing directors Jeff Morris, Jubeen Vaghefi, Denny St. Romain and vice president Steve Echelson brokered the deal. As Vaghefi sees it, Crocker will be able to add significant value to the property, stabilizing it and increasing its current 82% occupancy rate.

“We’re seeing a significant increase in the amount of interest Miami is receiving from the investment community--everyone from primary domestic institutional investors and pension fund advisors, high net worth investors, and especially international investors including those from Latin America, Europe and the Middle East,” Vaghefi tells GlobeSt.com. “The sale of SunTrust International Center is yet another indication that Miami holds great appeal. It’s the gateway to Latin America, and even more significantly--the banking capital for that region of the globe.”

SunTrust International Center is located one block west of Biscayne Boulevard at 1 SE 3rd Ave. 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.  

Although financial terms of the financing remain confidential, St. Romain hinted at the challenges. “This was a highly complicated transaction in which the buyer and seller worked through numerous complicating factors,” he said in a statement, “but in the end, we were able to achieve higher pricing for the seller through everyone’s efforts.”