When the fully occupied Butler Plaza office complex in Jacksonville, Florida, was sold last year for $38 million, the sale exceeded prevailing market metrics, closing at approximately $253 per square foot, nearly double of Jacksonville’s 2025 office average of $154 per square foot, according to CoStar data.
Strategic Office Partners, the seller of the 150,000-square-foot facility fully occupied by Deutsche Bank, completed a rare premium exit in an investment market otherwise dominated by discounted or distressed sales activity.
The buyer, AJC Investment Group, a Michigan-based family office with more than $2.5 billion in completed transactions, deepened its Jacksonville presence with this income-focused investment, which was awarded a CoStar Impact Award, as voted on by judges based in the market.
The office building was completed in 2006 and serves as Deutsche Bank’s second-largest U.S. office outside New York.
Financing was secured through a $28.5 million mortgage from Amerant Bank, enabling the buyer to acquire a rare, fully stabilized office property in a high-growth corridor near St. Johns Town Center.
About the project: Butler Plaza is a three-story, 150,000-square-foot office building in the Southside submarket of Jacksonville. It was completed in 2006 and has been fully leased by Deutsche Bank since at least 2015, according to CoStar information.
What the judges said: “A $253 price per square foot office sale in a recovering office market sets a high water mark for stabilized net lease properties sales for the northeast Florida market," commented Rick Hall, commercial appraiser, St. Johns County Property Appraisers Office.
“It is incredibly hard to sell office assets. Preserving value and stabilized assets could drive future office transactions in Jacksonville. This transaction sets a benchmark for future Jacksonville office sales," noted Steve Harriss, senior field research analyst for CBRE.
They made it happen: Jeff Gates, senior vice president at SRS Real Estate Partners, was the listing broker.