SunTrust Tower In Downtown Baltimore Sells For $33M
Baltimore has seen its fourth major investment sale of a downtown office building this year.
SunTrust Tower, not to be confused with similarly named buildings in Orlando, Jacksonville and Atlanta, sold for $32.8M to Massachusetts-based Grander Capital Partners. Cushman & Wakefield represented Grander Capital. The sale closed Oct. 20.
Grander acquired the 25-story building from Franklin Street Properties, also based in Massachusetts, the Baltimore Sun reports. At the time of the sale, the 327K SF SunTrust Tower was 75% leased, with tenants such as SunTrust Bank, the Baltimore City State Attorney's Office and the State of Maryland Pension System. At 120 East Baltimore St., the tower has its own underground parking garage.
“The sale is indicative of the increased confidence that investors are showing in the Downtown Baltimore office market,” Cushman & Wakefield Executive Director Jonathan Carpenter said in a statement, adding that several more transactions are in process.