Businessman's plans include SunTrust building

A South Carolina businessman has purchased the SunTrust building on Broad Street for $4.7 million with plans for $1 million worth of renovations.

The building, sold by Atlanta-based SunTrust Banks Inc., will get all new windows and a spruced-up exterior, said buyer Bettis Rainsford, who announced the deal Thursday.

The local ownership will help keep the building in good condition, he said.

"One big problem we have with downtown real estate is absenteeism. Managers and owners are not really involved with what's going on," said Mr. Rainsford, a textile magnate who also owns the Lamar Building.

The 137,145-square-foot building is the second biggest office high-rise in Augusta, behind the 174,000-square-foot Wachovia building.

The SunTrust building had about a 70 percent occupancy rate before its purchase.

It will benefit from two new tenants announced Thursday - Cambridge College and the General Services Administration.

"That will improve occupancy significantly, but there's still plenty of space," Mr. Rainsford said.

SunTrust, which operates its principal Augusta office in the building, has also committed to staying, and recently signed a long-term lease for the first three floors and drive-through kiosks behind the building.

It was not generally known that the building, which includes a 209-car parking deck, was on the market, Mr. Rainsford said.

"Some thought SunTrust might have been interested in selling. I was contacted by a party that got us together," he said.

Mr. Rainsford's improvement of the Lamar Building is a sign that the SunTrust building is in good hands, said interim Mayor Willie Mays, who was on hand for the announcement.

"We've already seen a track record of improvement and keeping up quality.

"It's an addition to downtown that is needed and appreciated," Mr. Mays said.

Reach Adrian Burns at (706) 823-3352 or adrian.burns@augustachronicle.com.

Suntrust building

Built: 1968

Size: 137,145 square feet

Features: 209-car parking deck, drive-through bank kiosks

Tenants: SunTrust Banks Inc.; Hull, Towill, Norman, Barrett & Salley law firm; Cambridge College; General Services Administration

Owner: Bettis Rainsford of RDC Properties LLC

Source: Prime Commercial Properties