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June 2, 2011

SOURCES: CROCKER BUYS SUNTRUST INTERNATIONAL TOWER

Crocker Partners has contracted to buy the 420,080-square-foot SunTrust International Center in downtown Miami, according to several sources.

Crocker has already met with tenants in the building, which is owned by Boston-based Guggenheim Real Estate and minority partner Fort Lauderdale-based Stiles Corp.

The rumored price for the property is about $195 a square foot, which, if true, is a big price compared to Miami Tower, which sold for $175 a square foot in December. The final price may change by the time the contract closes sometime in the near future, according to real estate experts.

The potential $80 million price includes the parking annex a couple of blocks away, which is leased.

Jubeen Vaghefi, managing director of capital markets for Jones Lang LaSalle, marketed the site for sale, as the Business Journal reported in March. He was not immediately available for comment.

John Detwiler, asset manager for Guggenheim, would not provide comment, citing confidentiality issues. A Stiles official was not immediately available for comment.

Jay Caplin, a managing partner with real estate investment firm Steelbridge Capital, was not familiar with the deal, but said it speaks to the state of the market.

“It represents the growing confidence investors have in the downtown Miami office market,” he said.

It is unclear how much Guggenheim paid for the tower because it appears as if it was acquired as a corporate entity transaction, not an outright property sale. The state has since closed that tax loophole, requiring that the price be disclosed to property appraisers for taxing purposes.