At a time when many office assets across the U.S. are trading at steep discounts — or not trading at all — a fully leased property in Jacksonville, Fla., has changed hands in a traditional, non-distressed sale at a premium.

AJC Investment Group acquired the 156,000-square-foot office building at 5201 Gate Parkway for $38 million, or approximately $253 per square foot. That figure stands well above Jacksonville’s 2024 average sale price of $92.74 per square foot for office properties, according to CommercialEdge data.

The three-story building was completed in 2006 and sits on a 13-acre site near the St. Johns Town Center. It has been fully occupied by Deutsche Bank since 2016 under a long-term, corporate-guaranteed lease and remains the bank’s second-largest U.S. office location after its New York City headquarters at 30 Rockefeller Plaza.

Strategic Office Partners, the seller, acquired the asset in 2019 for $27.6 million. The real estate platform — formed by Gramercy Property Trust and TPG Real Estate — focuses on single-tenant office investments. The recent transaction delivered a clear gain for the seller, which is an uncommon outcome in today’s U.S. office landscape in which market activity has seen an increase in distressed assets, loan sales or discounted trades.

AJC Investment Group, a Michigan-based family office with more than $2.5 billion in completed real estate transactions, financed the purchase with a $28.5 million loan from Amerant Bank. The firm plans to hold the Jacksonville asset as a long-term, income-generating investment.

SRS Capital Markets brokered the deal with Jeff Gates of the firm’s San Francisco office representing the seller.

Jacksonville recorded an office vacancy rate of 18.4% in 2024, which is in the middle of the pack compared to major Southern office markets. For example, data from the end of April showed that Miami and Tampa, Fla., posted vacancy rates of 15.5% and 16.5%, respectively. Meanwhile, Austin, Texas, remained the region’s most challenged market at 28.9%.