Law Firm Re-Ups for 116,753 SF at SunTrust Center

MIAMI-The law firm of Akerman Senterfitt extended its 116,753-sf lease at SunTrust International Center for 13 years. It has occupied the space for the past 10 years, and Andrew Smulian, a shareholder and head of the firm’s real estate practice, says, “the recent purchase of the building by Stiles enhances our confidence in the property, especially in light of the latest upgrades to the building.”

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.