U.S. Markets closed

Behind the deal: How Lincoln Property landed SunTrust in downtown Orlando's new mixed-use tower

Jack Witthaus
American City Business Journals
Behind the deal: How Lincoln Property landed SunTrust in downtown Orlando's new mixed-use tower

Austin Stahley wasn’t sure at first if SunTrust was for real. Atlanta-based SunTrust Banks Inc. (NYSE: STI) initially reached out last August or September to the Florida region director of Lincoln Property Co. — developer of the new $125 million, 28-story, mixed-use building on Church Street — to talk about potentially moving its Orlando office headquarters into the tower. Lincoln Property wanted to know whether or not the bank was serious or if it was just trying to get a proposal to take back to its current landlord, Johns Creek, Ga.-based Piedmont Office Realty Trust Inc. (NYSE: PDM), to negotiate a better deal for its existing office space at iconic downtown tower SunTrust Center, Stahley told Orlando Business Journal.