SunTrust Selling 475 Buildings To Then Lease Them Back
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If you are looking to do a 1031 exchange and pick up the chance for a good quality property, SunTrust may have the deal for you. In an effort to free up some cash and reduce overhead, SunTrust is selling 475 properties with the goal of leasing them back.
Atlanta-based SunTrust (NYSE: STI) is marketing 48 office buildings and a portfolio of an estimated 425 retail branches to developers, brokers, real estate investment trusts and other institutional investors. No branch closures are planned, the banking company said. William R. Reed Jr., SunTrust vice chairman in charge of its geographic banking organization, said the real estate strategy will lower overall occupancy expense and allow the company to reduce little used office space, with “essentially no visible impact on clients or most employees.”
He added that “all branches involved in the program will continue to operate as SunTrust branches” and while the company expects to consolidate some space in selected office buildings, it will also maintain “a significant presence for an extended period of time” in the office buildings after any transactions are completed. via the Atlanta Business Chronicle
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Check out their values today.
A good option today would be to hold. 
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