SunTrust to sell, lease back 475 buildings
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SunTrust to sell, lease back 475 buildings

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SunTrust Banks Inc. reported plans to sell then lease back about 475 offices and bank branches as part of its “E2 – Excellence in Execution” restructuring plan to save $530 million by 2009.

Based in Atlanta, 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.

Five other office properties in Tennessee will be sold including ones in Chattanooga, Knoxville, Pulaksi, Morristown and Lenoir City.

American City Business Journals 

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