Piedmont REIT pays $170.8M for 35-story SunTrust Center Tower

The SunTrust Tower in downtown Orlando.

Updated: November 6, 2015, 3:20 PM — An affiliate of Georgia-based Piedmont Office Realty Trust paid $170.8 million on Wednesday for the 35-story SunTrust Center tower in downtown Orlando, a premium of roughly $39 million from what seller The Brookdale Group paid for the building back in March 2012.

Located at 200 S. Orange Ave. and built in 1988, the JLL-managed property sits on 4.52 acres, and is Class A office space with 693,169 square feet of usable space across the 35-story tower and a second building, and a 408,000-square-foot, seven-story parking garage.


This is Piedmont's first office property in Orlando, though it owns four elsewhere in Florida. The company owns, manages and develops Class A office properties, with more than 60 assets across the country, and has a $5 billion portfolio with more than 19 million square feet, per its website.

Piedmont is a fully-integrated, self-managed real estate investment trust (REIT) with local management offices in each of its major markets and is investment-grade rated by Standard & Poor's and Moody's, according to its site.


Calls to the company's managing partners were not immediately returned Friday afternoon.

Piedmont has demonstrated the ability in recent months to fill its Class A office space with Fortune 500 headquarter leases.

In late October, the company announced it had signed leases totaling more than 900,000 square feet in the third quarter across its portfolio. Premier tenants signed were The Kraft Heinz Foods Company with a 169,717-square-foot, 12-plus new year lease through 2029 at Aon Center in downtown Chicago, and Motorola Solutions, Inc., with a 150,345-square-foot, 12-year new lease through 2028 at Piedmont's 500 West Monroe Street property in downtown Chicago.

The 10-story SunTrust Bank office building, a separate property at the corner of Orange Avenue and Church Street but connected to the 35-story SunTrust Center tower, was bought in June 2014 for $18.8 million by Orlando-based real estate investors Jim Gissy and Ed Wideman.

Check back for further updates.

Reporter Laura Kinsler contributed to this story.

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