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The 10-story SunTrust Bank office building at 200 South Orange Avenue in downtown Orlando has been sold to 200 Orange Realty LP, a local investment group, for $18.8 million, according to NGKF Capital Markets, which negotiated the sale on behalf of the seller, Atlanta-based Columbia Property Trust. The buying entity comprises local real estate investors, including Jim Gissy and Ed Wideman.
Built in 1958 and most recently renovated in 2007, the 128,296-square-foot office property is triple net-leased to Atlanta-based SunTrust Bank, the 12th largest bank in the U.S. SunTrust Bank has leased the space since it was first built. The Class A building is connected to the 35-story SunTrust Tower and both spaces serve as the bank’s headquarters for its Florida operations.
The property is ideally located on the main North-South thoroughfare in downtown Orlando near restaurants, shopping, event venues, nightlife and hotels, with easy access to I-4 and East-West Expressway.
“This was an exceptional opportunity for an investor to acquire a stable asset with a tenant that has demonstrated a successful track record spanning more than a half-century,” said Mark Hillis, a senior managing director with NGKF Capital Markets in Atlanta, who led the marketing and sales efforts with Whitney Knoll, senior managing director. “We’re thrilled to have both parties pleased with the outcome.”
Michael LaPointe, executive managing director with NGKF Capital Markets in Miami, and Atlanta’s Peter Everett, managing director, and Daniel Yi, associate, assisted with the transaction.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.