{"id":1004100500,"date":"2014-07-15T05:39:00","date_gmt":"2014-07-15T13:39:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004100500"},"modified":"2022-12-08T12:38:03","modified_gmt":"2022-12-08T20:38:03","slug":"hertz-buys-bank-of-america-tower-in-jacksonville-from-parmenter-for-88m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hertz-buys-bank-of-america-tower-in-jacksonville-from-parmenter-for-88m\/","title":{"rendered":"Hertz Buys Bank of America Tower in Jacksonville from Parmenter for $88M"},"content":{"rendered":"

By Scott Baltic, Contributing Editor<\/i><\/p>\n

\"Parmenter\"<\/a>\u00a0Hertz Investment Group, of Santa Monica, Calif., has paid $88 million for the tallest building in Jacksonville, Fla., the 42-story Bank of America Tower, Hertz and the seller, Parmenter Realty Partners, of Miami, announced separately on Friday, the day the transaction closed.<\/p>\n

The 696,600-square-foot tower is at 50 N. Laura St. in Jacksonville\u2019s CBD. Designed by Helmut Jahn and featuring granite cladding and a marble-and-mahogany lobby, the building was completed in 1990.<\/p>\n

Jubeen Vaghefi and Jeff Morris of JLL represented Parmenter in the sale.<\/p>\n

\u201cThis acquisition perfectly matches our criteria of \u2018Best in Class\u2019 CBD assets in secondary markets,\u201d Jim Ingram, executive vice president & CIO of Hertz, said in a release.<\/p>\n

\u201cDuring our ownership of the Bank of America Tower, we made significant improvements on the building\u2019s sustainability, and the building became the first office tower in Jacksonville to achieve LEED certification in 2011,\u201d Darryl Parmenter, chairman & CEO of Parmenter Realty Partners, said in a release.<\/p>\n

The tower has received BOMA\u2019s \u201cOutstanding Building of the Year\u201d award nine times in the last 15 years and has also received BOMA\u2019s \u201cBest of the Best\u201d in 2002, BOMA\u2019s \u201c7 Point Challenge,\u201d and the \u201cBOMA 360\u201d designation.<\/p>\n

The building is currently 70 percent occupied. Besides Bank of America, other major tenants include Merrill Lynch, Morgan Stanley, Price Waterhouse, Florida Bank and numerous regional, national and international law firms, a Hertz spokesperson told Commercial Property Executive<\/i>.<\/p>\n

The Jacksonville CRE investment market is \u201cquite strong,\u201d with \u201crecord pricing across product types\u201d and interest from foreign capital, Tarik Bateh, a vice president in JLL\u2019s Jacksonville office, told CPE<\/i>. This level of activity is being driven in large part by the city\u2019s robust economy and excellent employment numbers, he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hertz Investment Group has paid Parmenter Realty $88 million for the tallest building in Jacksonville, the 42-story Bank of America Tower.<\/p>\n","protected":false},"author":882,"featured_media":1004100503,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742,21747],"tags":[],"class_list":["post-1004100500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"\nHertz Buys Bank of America Tower in Jacksonville from Parmenter for $88M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/hertz-buys-bank-of-america-tower-in-jacksonville-from-parmenter-for-88m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hertz Buys Bank of America Tower in Jacksonville from Parmenter for $88M\" \/>\n<meta property=\"og:description\" content=\"Hertz Investment Group has paid Parmenter Realty $88 million for the tallest building in Jacksonville, the 42-story Bank of America Tower.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/hertz-buys-bank-of-america-tower-in-jacksonville-from-parmenter-for-88m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-07-15T13:39:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T20:38:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/07\/Parmenter.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2610\" \/>\n\t<meta property=\"og:image:height\" content=\"3979\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/hertz-buys-bank-of-america-tower-in-jacksonville-from-parmenter-for-88m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/hertz-buys-bank-of-america-tower-in-jacksonville-from-parmenter-for-88m\/\",\"name\":\"Hertz Buys Bank of America Tower in Jacksonville from Parmenter for $88M - 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