The 31-story, class A, 418,916-sf building was renovated in 2002. Fort Lauderdale-based STIC Partners, an affiliate of Stiles Corp., acquired the property in late 2003. Madelayne Garcia and Michael Taylor of Stiles Realty Co. represented the owner in the transaction. Jack Lowell, Hank Klein and Richard Schuchts of Coral Gables-based Codina Realty Services represented the tenant.
Terms and value of the agreement were undisclosed. The average asking rental rate for Downtown class A office space ranges between $29.02 per sf and $33.39 per sf, according to first-quarter data from the area offices of CB Richard Ellis and Cushman and Wakefield, respectively, while data from the local Jones Lang LaSalle office puts the average at $29.23 per sf.
The building, which is located at the corner of Flagler Street and SE Third Avenue, was completed in 1973. It is currently 87% leased. Tenants include Bank of America, Miami Daily Business Review and State Farm Insurance, in addition to SunTrust Bank. Akerman Senterfitt employs more than 400 attorneys in eight offices throughout Florida and Washington, DC, and it has one of Florida's largest real estate practices along with its practices in litigation, intellectual property and other fields.
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