A Chicago-based commercial real estate firm has acquired the Prudential Insurance tower on downtown Jacksonville’s Southbank.
The purchase is the second in the area for Bradford Allen, which bought the Enterprise Park office complex at 4190 Belfort Road for $30 million a year ago.
“This is our second major acquisition in Jacksonville and as opportunistic investors, 701 San Marco presents us a great opportunity — through targeted capital investments and innovative thinking — to reinvigorate and reimagine such an iconic and visually striking property,” Bradford Allen principal Jeffrey Bernstein said in a statement. “This acquisition brings our Jacksonville footprint to just over one million square feet and represents our faith in the continued resurgence of the Southbank.”
The Southbank building, on 701 San Marco Blvd., has a seven-story west wing and a 19-story east wing connected by a pedestrian walkway over San Marco Boulevard.
Built in 1985, the property was acquired by Prudential Insurance Company Of America in 1996, according to real estate data company Reonomy.
Prudential was represented in the sale by JLL Capital Markets, led by Senior Managing Director Hermen Rodriguez, Senior Director Robbie McEwan, Managing Director Ike Ojala and Director Matthew McCormack along with the JLL Corporate Services team leader Senior Vice President Peter Politi.
The building is 60% leased, according to JLL. In addition to Prudential, major tenants include the Army Corps of Engineers and Home Depot Pro, the company that bought Interline Brands in 2015.
The building has seen some activity in recent days. On Aug. 30, Tenant Contractors Inc. received a permit on behalf of the building owners for $952,743 in tenant improvements. That work is expected to be complete by March.
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