A former diplomat is behind the purchase of The Truist Building in Pelican Bay.

The Egan Group LLC, founded by Christopher Egan, purchased the seven-story office building, spanning a little over 68,000 square feet, as an investment, for $21.25 million.

Egan, who has a 32-year track record of success as a real estate investor, served as a U.S. ambassador to the Organisation for Economic Co-operation and Development in Paris from October 2007 to November 2009. Former President George W. Bush appointed him to the post.

Other interesting tidbits about the buyer? He’s building a home here and he’s looking to invest more money in Southwest Florida, said David Stevens, a principal with Naples-based Investment Properties Corp., or IPC.

Stevens represented Egan in the purchase of the top-tier Class A office building in North Naples, which is 90% leased. Besides Truist, tenants include BMO Harris Bank and UBS.

While the market has seen its fair share of real estate investors from the Midwest, it hasn’t seen nearly as many hailing from the Northeast. So, that makes the transaction a little different, too, with the Egan Group headquartered in Nantucket, Massachusetts.

“I think it’s fair to say, that this is probably just the beginning of a new portfolio strategy,” Stevens said. “Like it is with a lot of investors, from states with state income taxes – to start to try to liquidate some holdings in those markets and move to high growth markets, like Southwest Florida, and not pay the additional taxes that those states are charging.”

Egan couldn’t immediately be reached for comment about the purchase.

The office building is one of a set of seven large ones in the affluent Pelican Bay neighborhood, with high visibility, west of U.S. 41 near Waterside Shops and Artis — Naples. It’s one of the biggest ones.

The more than four-acre property includes a detached drive-thru for a bank, which could be repurposed, Stevens said.

“We are going to take a look to see what can be done there,” he said. “And, maybe, find ways to physically improve the property and bring it into this century.”

Located at 801 Laurel Oak Drive, the building last underwent a renovation in 2012. It includes a 20-space underground parking garage.

The JLL Capital Markets Investment Sales and Advisory team represented the sellers. Property records show the former owners as the American National Insurance Co.

The property last sold for $23,668,000 in 2015.

In a statement, Matthew McCormack, a senior director for JLL Capital Markets in Miami, described The Egan Group as “a high-caliber buyer.”

“The sale of the Truist office building is a testament to Naples’ burgeoning appeal as a commercial hub, marked by significant economic growth and a vibrant business atmosphere,” he added. “This Class A property stands out not only for its prime location and premier tenants, but also for the dynamic investment opportunities it offers in one of Florida’s fastest-growing cities.”

JLL has more than 3,000 Capital Markets specialists worldwide, with offices in nearly 50 countries.

By: Laura Layden
From: Naples Daily News