SunTrust Banks Incorporated

SunTrust Tower in downtown Baltimore sells for $32.8 million

SunTrust Tower in downtown Baltimore sells for $32.8 million

The 25-story SunTrust Tower in Baltimore’s central business district has sold for $32.8 million.

The building, located at 120 E. Baltimore St., was sold by Massachusetts-based Franklin Street Properties Corp. to Grander Capital Partners, also of Massachusetts.

“The sale is indicative of the increased confidence that investors are showing in the Downtown Baltimore office market,” said Jonathan Carpenter, executive director at Cushman & Wakefield, a real estate services firm that facilitated the deal. “This is the fourth major office tower investment sale in 2017, with several more transactions in process.”

The nearly 327,000-square-foot building was 75 percent...

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