42-STORY BANK OF AMERICA TOWER IN JACKSONVILLE SELLS FOR $88M
JACKSONVILLE, FLA. — Parmenter Realty Partners has sold the Bank of America Tower in Jacksonville for $88 million. Hertz Investment Group of Santa Monica, Calif., was the buyer, according to The Florida-Times Union. The 42-story, granite-clad, trophy office tower comprises 696,672 square feet and has been Jacksonville’s perennial skyline landmark since its completion in 1990.
“During our ownership of the Bank of America Tower, we made significant improvements on the building’s sustainability, and the building became the first office tower in Jacksonville to achieve LEED certification in 2011,” says Darryl Parmenter, chairman and CEO of Parmenter Realty Partners. “Our investment in a number of physical and procedural improvements, and undertaking energy conservation measures, resulted in measurable utility savings for the building.”
Parmenter Realty Partners is the managing member of ownership group Jacksonville Tower Associates, which paid $74.7 million for the tower in 1999, according to The Florida-Times Union. At the time of sale, the building was 69 percent occupied.
The Building Owners and Managers Association (BOMA) has recognized the tower as “The Outstanding Building of the Year” nine times during the last 15 years, according to Parmenter Realty Partners. The building also received the “Best of the Best” award from BOMA in 2002.
Miami, Fla.-based Parmenter Realty Partners is a fully integrated real estate investment, management and development firm with three regional offices in Dallas, Atlanta and Washington, D.C. The company owns and operates high-quality office properties and is actively involved in the expansion of its portfolio in targeted markets.
Jubeen Vaghefi and Jeff Morris of Jones Lang LaSalle represented Parmenter in the sale.
— Matt Valley