SunTrust Tower in Jacksonville, Fla., switches hands, preps for leasing

Aug 26, 2008 (The Florida Times-Union - McClatchy-Tribune News Service via COMTEX) -- STI | Quote | Chart | News | PowerRating -- Aug. 26--JDI Realty of Chicago took ownership Monday of the SunTrust Tower in downtown Jacksonville and announced plans to offer office space for lease.

Under previous owner Cameron Kuhn of Orlando, part of the 23-story building was converted to office condominiums in which occupants bought office space instead of renting it.

JDI filed a foreclosure lawsuit against Kuhn for unpaid loans and won a $17.3 million judgment in connection with the SunTrust Tower. JDI became the tower's owner after no one else bid for it at a foreclosure auction in the Duval County Courthouse.

"We are pleased to have taken control of this fine asset," JDI Vice President Bennet Schwartz said in a statement. "We intend to make several important improvements that will return the property to a Class A quality level and make it one of the finest office locations in downtown Jacksonville." JDI Laura Street LLC, an affiliate of JDI Realty, took over ownership of 195,000 square feet of office space in the 387,000- square-foot building, according to the company.

Schwartz said JDI will immediately offer its space for lease. The tower, across the street from The Jacksonville Landing, is a high- profile piece of the downtown skyline.

At foreclosure auctions earlier this month, JDI likewise gained ownership of the old Barnett Bank building at 112 W. Adams St. and the Laura Street Trio of buildings. Those are vacant, historic buildings that Kuhn had planned to renovate.

JDI's real estate loans financed Kuhn's ambitious plan for downtown.

When Kuhn couldn't repay the loans, JDI filed foreclosure lawsuits.

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