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Parmenter Sells Iconic Bank of America Tower in Jacksonville for $88 Million

JLL Facilitates Sale of CBD Trophy Asset
July 11, 2014
Miami, FL-based Parmenter Realty Partners finalized its disposition of the Bank of America Tower, selling the iconic Jacksonville, FL high-rise to Hertz Investment Group for $88 million, or approximately $125 per square foot.

The centerpiece of the Jacksonville skyline, the Bank of America Tower is a 42-story, 696,672-square-foot office building located at 50 N. Laura St. in the Downtown Northbank area of Jacksonville's central business district. Formerly known as the Barnett Center, the building was originally constructed in 1990 as the headquarters of Barnett Bank, at one time the largest bank in Florida.

A highly-decorated institutional-trophy asset, the granite-clad Bank of America Tower became the first office tower in Jacksonville to earn LEED certification, a designation achieved in 2011 while under Parmenter's ownership, and has received BOMA's The Outstanding Building of the Year Award nine times in the last 15 years. The building has also received BOMA's The Best of the Best in 2002, BOMA's "7 Point Challenge" and the BOMA 360 designation.

Jubeen Vaghefi and Jeff Morris of JLL brokered the transaction on behalf of Parmenter.

Please see CoStar Comp #3067115 for more information.

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