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BB&T Tower Trades in One of the Largest Office Deals in Jacksonville This Year at $24.5 Million

Florida Developer Snags 18-Story Office Building From LNR Partners
July 27, 2018
The 18-story BB&T Tower in Jacksonville, FL sold in one of the biggest office deals in the market so far this year.

After being put up for sale by special servicer LNR Partners this spring, BB&T Tower went for $24.47 million, or about $86 per square foot, making it among the most expensive, according to CoStar data.

LNR Partners, which re-possessed the 285,487-square-foot complex after it went into foreclosure in 2016, sold BB&T Tower to an entity linked to locally based developer Ash Properties via online auction platform Ten-X.

Transwestern’s John Bell, who was tapped by the seller to shop the landmark asset, noted that BB&T Tower was one of the most sought-after office investments in Jacksonville so far this year. According to Transwestern, the complex underwent an intense bidding process, receiving nearly 300 confidentiality agreements from capital sources across the country and internationally.

BB&T Tower, located at 200 W. Forsyth St., was originally built in 1975 but was recently renovated. According to Bell, LNR Partners completed nearly $4 million in capital improvements to the office building and retained a 63 percent occupancy rate. The complex is anchored by its namesake tenant, BB&T.

Other top office deals that have occurred so far this year include the $13.75 million Dream Finders headquarters deal in June, the $9 million Southpoint Business Park sale in June and the Flagler Center deal that comes in at a whopping $136 million.

Please see CoStar COMPS #4437572 for more information on the BB&T Tower transaction.
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