As an iconic building on the Downtown Miami skyline, originally developed in 1973, SunTrust International Center was always marketed as the “value play” amongst its competitive set. The previous leasing agent was marketing the building as a Tier III building asking $23-$26 gross (2011). The building would also require a significant renovation to bring it up to Class A standards and compete favorably with Tier I and Tier II buildings in the Downtown market. In addition, Akerman LLP was known to be relocating to a recently developed office building at Brickell City Centre and vacating approximately 120,000 sf creating a significantly large vacancy. Also, the 9th floor contained a challenging section of windowless space that was underwritten as static vacancy.
The current leasing team was retained to reposition, rebrand and re-lease the building during a planned extensive $15 million renovation. Selling the vision of the proposed renovation and the addition of several new amenities such as a high-end gym, conference center and outdoor terrace, the leasing team immediately moved rental rates to $30-32 Gross prior to renovations (2012). Recognizing the trend that tenants were seeking flexibility and modern move-in ready spaces, a spec suite program was implemented and marketed to brokers and prospective tenants. Several vacant full floor spaces were constructed with efficient layouts and modern Class A finishes with spaces ranging from 1,500 SF-3,000 square fe