The SunTrust Bank Building on the 200 block of South Court Street in downtown Florence has a new owner.
Ivory, LLC, announced Friday that they have purchased the building and will embark on a five-year, million dollar renovation to modernize the building. The renovation will include enhanced security systems and upgraded fixtures and finishes, as well as upgraded tile and granite in the bathrooms.
The renovation will also convert the seventh floor to the corporate headquarters for Lyons HR, a staffing and humane resource company operating throughout the southeast. Abrons and Associates will occupy the sixth floor and SunTrust Bank will continue to be the main tenant on the ground floor.
Martin R. Abroms, President and Managing Shareholder of Abroms and Associates, PC and Bill Lyons, Founder and CEO of Lyons HR are the principal owners of the Ivory Tower, LLC.
“We think of this as more than just a real estate deal,” said Marty Abroms. “This is an investment in the Shoals. This building has been a Shoals area landmark since it was build in 1981, and under local ownership we want to continue to make it a premier business address for SunTrust and all of the building’s tenants.”
“We are delighted to participate in this venture, and are excited about establishing our corporate headquarters in this iconic building,” Bill Lyons said. “We are investing in the Shoals because we believe the future here is bright.”
The building was first build three decades ago by First National Bank of Florence.
Commuters can easily see the building as they approach downtown, as it is one of the tallest buildings in downtown Florence. The seventh floor of the building offers a beautiful view of the Tennessee River and downtown Florence.
There are still office spaces available for rent in the building ranging in size from 750 square feet to 7,500 square feet.
“This purchase does not change our SunTrust Bank branch operations,” Jeff Daniel, SunTrust Market President said. “We are happy that the property will be under local ownership, and we are excited that Lyons HR and Abroms and Associates will be expanding their offices as a part of the transaction. We think this will be positive for the SunTrust Bank and our Shoals-based business community.”
“We are delighted that this beautiful building is returning to local ownership,” Florence Mayor, Mickey Haddock said. “The SunTrust Building has been a landmark for Florence, and the new owners have a proven track record of improvement and investment in the Shoals.”
Source Credit: Downtown Florence landmark has new owners