Egan Group LLC purchases The Truist Office Building in Naples

MIAMI, July 24, 2024 – JLL Capital Markets announced today that it closed the sale of The Truist Office Building, a 68,003-square-foot, Class A office building in Naples, Florida.

JLL represented the confidential seller, and procured the buyer, Egan Group LLC.

The Truist Building is located at 801 Laurel Oak Dr. in the prestigious Pelican Bay neighborhood. The property is just six miles north of downtown Naples and 7.5 miles from the Naples Airport providing employers a tremendous executive location. In addition, The Truist Building is surrounded by a robust amenity base of retail, restaurant and cultural amenities, including the Waterside Shops and Naples Philharmonic.

Naples has benefited from the in migration to Florida and was recently ranked as one of the Fastest Growing Cities in America by the Wall Street Journal. In turn, the area has grown to include a more diverse employment base driven by companies in aviation technology, biomedical technology, IT, financial services and manufacturing technology.

Renovated in 2012, the seven-story building is 90% occupied by tenants, including Truist Bank, BMO Harris Bank, UBS and Collier County. The property also features a 20-space underground parking garage.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Hermen Rodriguez, Managing Director Ike Ojala, Senior Director Matthew McCormack, Associates Max Lescano and Blake Koletic and Analyst Hunter Smith.

David J. Stephens of IPC advised the buyer, Egan Group, LLC.

“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,” said McCormack. “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. We are pleased to have facilitated this transaction for our valued client and helped procure a high-caliber buyer like the Egan Group.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Egan Group LLC is a privately-owned, well capitalized commercial real estate firm It’s founder, Christopher Egan, has a 32-year track record of successfully investing in commercial and industrial real estate. The Egan Group is actively searching for more investment opportunities in South Western Florida.