Githler, NY Partners Buy Northern Trust Plaza

Todays News


Charles Githler, a prominent Gulf Coast developer who previously owned the Hyatt Regency Sarasota, announced on Tuesday that he and business partners who operate EDM Realty Partners of New York have acquired the Northern Trust Plaza in Downtown Sarasota. The purchase price was $17 million, plus significant reserves for further renovation and future tenant build out. “From the day it was built, I have considered the Northern Trust Plaza to be the number one office building south of Tampa Bay,” Githler says. “Its 288-space parking garage enables its prestigious clients and tenants to conveniently do business and attend philanthropic functions, even during the summer’s rainy season. We are forecasting that Class A high-rise offices outperform other real estate sectors due the significant new supply additions in this market.”

Northern Trust occupies a third of the space in the 11-story Ringing Boulevard office building. Other tenants include Ferguson Skipper Shaw Keyer Baron & Tirabassi, Old Republic, Adams and Reese, CS&A Accountants and Comcast. The building’s lobby and common areas were just renovated in 2016. Andy Dorr, senior vice president at Gather Development, says the purchase makes sense because of an historic surge in residential, retail and hotel development in Downtown Sarasota. “We are now adding 1,800 new rental apartments and for-sale luxury condominiums, five hotels housing 818 additional rooms and three more hotels in predevelopment—together with at least 50,000 square feet of new retail,” Dorr notes. “These exciting projects are all within a few blocks of the Northern Trust office tower. These are key demand generators which are bound to fill up more office space. Meanwhile, it is highly unlikely we will see new supply with development of a large Class A office tower in Downtown Sarasota—at least until rents rise by another 40-50 percent.”

Grant Savage and Alfie Hamilton of Colliers International brokered the sale and represented both Gather Real Estate and the seller, a partnership made up of Peter Gardner and William Driscoll that purchased the plaza from Northern Trust in 2005. Savills Studley arranged a $12.765-million long-term loan for the acquisition. “Northern Trust Plaza perfectly illustrates the strength of the Sarasota office market, as it commands top rents and generates lots of interest from investors,” says Savills Studley Managing Director Stephanie Lynch. “We believe that the new joint venture has the vision and track record to further enhance this unique downtown asset for years to come.”

« View The Wednesday Mar 29, 2017 SRQ Daily Edition
« Back To SRQ Daily Archive

Read More

New Favorites and Old Masters at First Friday Artwalk

With First Friday comes First Saturday (and possibly First Hangover), but before any of that comes the return of the First Friday Artwalk in Downtown Sarasota. With galleries participating from Palm to Pineapple, explore old favorites, find new ones, see a special exhibition of 16th and 17th pain

Philip Lederer | Oct 5, 2018

From the First to the Fourth: Party On, Sarasota

Today, Sarasotans celebrate the Fourth of July with fireworks and barbecues, big-screen TVs and swimming pools, boatside bashes and Selby Gardens soirees, but 100 years ago the people—and the parties—looked little like they do today. According to newspaper clippings preserved

Philip Lederer | Jul 4, 2018

No Longer the Nay-front, Bayfront Plans Continue Apace

Editor’s note: This is a condensed version of a longer article comprising further history of the process and detail of the various proposed plans of the past and today. The full article can be found on the SRQ magazine website. With near 200 folks at the Sarasota Municipal

Philip Lederer | May 23, 2018

Sarasota Film Festival Begins Tonight

Tune in, turn off, drop in, drop out, grab some popcorn and explode—the 20th annual Sarasota Film Festival has arrived. Kicking off this evening with an opening night party at the Sarasota Opera House, audiences will first gather inside for the opening night film—Class Rank,

Philip Lederer | Apr 13, 2018