Sarasota firm buys Northern Trust building

Sarasota-based Githler Real Estate Group has acquired the 11-story Northern Trust Building in the city's downtown, the latest in a series of central city office building purchases tied to an increased supply of residences and hotel rooms.

Githler's $17 million purchase of the 110,000-square-foot property, at 1515 Ringling Blvd., follows a $23 million deal for the nearby 11-story BMO Harris Bank tower by Belle Amie Anthem Realty last July and a nearly $16 million transaction involving the 55,220-square-foot PNC Bank building, in February 2016.

A fourth major downtown Sarasota office building, the 13-story Sarasota City Center now owned by Osprey S.A., of Michigan, is under contract of sale and is expected to trade before the end of this year.