April 12, 2018
Jacksonville, FL – Transwestern today announces it has been retained by special servicer LNR Partners to provide investment sales services for BB&T Tower, a 285,487-square-foot, Class A landmark office building at 200 W. Forsyth St. in downtown Jacksonville, Florida. The 18-story, real estate owned (REO) property by LNR is listed on Ten-X, an online auction website, with a final call for bids scheduled for May 31, 2018. Transwestern Managing Director John Bell, who in 2017 sold One Enterprise Center directly across from BB&T Tower, will facilitate the sale.
“Investors have shown interest in BB&T Tower as the property’s recent renovations and increased office demand in the Jacksonville Northbank Central Business District have made it an attractive opportunity,” said Bell. “Overall occupancy in the CBD has grown to 92 percent due to large tenants seeking the benefits of urban revitalization, infrastructure, and amenities.”
Proximate to City Hall and the Federal and County Courthouses, the BB&T-anchored asset encompasses a full city block connected by a tunnel to a six-story parking garage across the street featuring ground-level retail. This year, ownership proactively completed a $3.87 million investment in major capital upgrades at the property, which was originally built in 1975, including an elevator modernization program with North Florida’s first destination dispatch.
“BB&T Tower now offers highly visible parapet signage and naming rights for large tenants and is expected to draw significant leasing interest from sizable office users,” continued Bell. “With capital improvements addressed, a new ownership group can focus on the lease-up opportunity presented by the current 63 percent occupancy. Additionally, the two surface lots on the site provide added value potential as a redevelopment play for residential or commercial uses.”
Centrally located near the convergence of Interstates 10 and 95, BB&T Tower offers tenants convenient access, on-site and nearby amenities, and unobstructed views of St. Johns River and the city skyline in several office suites.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Tenant Advisory, Capital Markets, Asset Services and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 35 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Southeast region, follow @TranswesternSE.