Sarasota, FL – May 3, 2011 – (RealEstateRama) — The 11-story office building located at the corner of South Pineapple Avenue and Ringling Boulevard has undergone complete renovations of its common areas, upgraded security and revitalized the grounds. Recognizable by an exterior façade of uninterrupted dark glass framed with sleek sand-colored archways around the entire building, the interior of the M&I Bank Building has been elevated to today’s definition of contemporary design. This first phase of renovations exceeds $1 million in expenditures.
“We have one of the nicest assets in all of Sarasota, yet it was masked by its age,” says Greg Camia, Senior Vice President with the property’s owner, iStar Financial. “We believe that the investment will retain and attract new tenants as well as provide a solid return on investment.” Asking rents for the office building range from middle to upper $20’s per square foot, similar to the upper-tier, Class A assets in the market.
The lobby, once trimmed in mahogany panels with gold details and carpeting, now shines with a glossy marble floor reflecting artfully simplistic wall finishes and sparkling light fixtures. Natural sand colors that enhance incoming light give the space an expansive and crisp appearance. The first phase of renovations was completed in April, with the remainder of the renovations to be completed by the end of this year. The second phase will address other floors of the property, with an estimated expenditure of $300,000.
Leasing representative, Kimberly Rogers, says, “The updates have been very well-received by tenants.” Ms. Rogers is an associate with CB Richard Ellis, exclusive listing agent for the M&I Bank Building. Recent renewals include international merchant bank, Mooers Branton, Attorney William A. Saba, and The Payne Law Group.
The M&I Bank Building is located at 240 South Pineapple Avenue. Built in 1986, the building has 128,389 total rentable square feet, of which 30% is available for lease. Details of the renovations include: complete renovation of the common areas on the first and second floors (flooring, walls, bathrooms, lighting, fixtures and elevator cabs) and the skyway to the parking garage; the addition on the second floor of a state of the art common area conference room, security office with security cameras and monitoring equipment and the addition of a management office; and the rear entrance has been expanded and updated with a large motion-operated glass door entry with a newly paved entryway. Photographs of the renovations can be viewed at www.cbre.com/240pineapple.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.