12/6/2007

Spanish billionaire acquires SunTrust building for $87M

by

SunTrust Bank

Ponte Gadea SL, the real estate group of billionaire investor Amancio Ortega, has acquired the historic SunTrust Bank building in Washington, D.C., for $87 million from SunTrust Banks Inc.

Jeanne Sundstrom and Will MacDonald of Cushman & Wakefield represented Ponte Gadea in the transaction.

Built in 1888, the building is located near the White House at 1445 New York Avenue NW. It contains 156,000 square feet and sold for $556 per square foot. As part of the deal, SunTrust consolidated its space and leased back 80,000 square feet to Ponte Gadea.

In October, the Spanish investment company acquired the building at 50 Milk St. in Boston for $170 million from Hawaiian-based James Campbell Co.

Address: 1445 New York Ave. NW, Washington, D.C.

Size: 156,000 square feet

Built: 1888

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Filed Under: Office

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