{"id":1004246498,"date":"2018-08-01T07:47:58","date_gmt":"2018-08-01T15:47:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004246498"},"modified":"2022-12-08T16:15:41","modified_gmt":"2022-12-09T00:15:41","slug":"downtown-jacksonville-office-trades-for-59m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-jacksonville-office-trades-for-59m\/","title":{"rendered":"Downtown Jacksonville Office Trades for $59M"},"content":{"rendered":"<p>By Timea Papp<\/p>\n<div id=\"attachment_1004246516\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/27-S.-Laura-St.-VyStar-Tower.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004246516\" data-attachment-id=\"1004246516\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/downtown-jacksonville-office-trades-for-59m\/27-s-laura-st-vystar-tower\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/27-S.-Laura-St.-VyStar-Tower.jpg\" data-orig-size=\"410,308\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"27 S. Laura St. (VyStar Tower)\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;27 S. Laura St. (VyStar Tower)&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/27-S.-Laura-St.-VyStar-Tower.jpg?w=410\" class=\"wp-image-1004246516 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/27-S.-Laura-St.-VyStar-Tower.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/27-S.-Laura-St.-VyStar-Tower.jpg 410w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/27-S.-Laura-St.-VyStar-Tower.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004246516\" class=\"wp-caption-text\">27 S. Laura St. (VyStar Tower)<\/p><\/div>\n<p>VyStar Credit Union has acquired a Class A office tower in downtown Jacksonville, Fla. Colliers International represented the seller, a joint venture between Mainstreet Capital Partners and CarVal Investors. The new owner plans to rebrand the property as VyStar Tower.<\/p>\n<p>Located at 76 S. Laura St., in the city\u2019s central business district, the 1989-built asset comprises nearly 360,000 square feet. Previous ownership recently wrapped up a three-year, $2 million improvement program at the 23-story tower. The partnership acquired the asset for $31.1 million in 2015.<\/p>\n<p>Upgrades included the completion of a 612-space parking garage adjacent to the building, mechanical and common area renovations, as well as new elevator cabs and lobby improvements. Furthermore, new food and beverage options were added, along with a fitness facility, tenant lounge and conference center.<\/p>\n<h2>Nearing full occupancy<\/h2>\n<p>The tower is currently more than 90 percent leased. Notable tenants include SunTrust Bank, PwC, ICX Group and Accretive Solutions, according to Yardi Matrix. Colliers will continue to spearhead leasing efforts at the property.<\/p>\n<p><em>\u201cThis transaction was mutually beneficial\u2014it saved Mainstreet and CarVal a significant investment over the long-term by eliminating the expensive lease-up process and it provided VyStar Credit Union with a long-term office space solution to meet its growing employee base. It\u2019s also good for downtown Jacksonville because this move will bring several hundred employees to the area, thus supporting the broader neighborhood economy,\u201d<\/em> Colliers Executive Vice President Chuck Diebel, said in a prepared statement.<\/p>\n<p>Last week, downtown Jacksonville was the scene of another notable transaction\u2014Talara Investment Group <a href=\"https:\/\/www.commercialsearch.com\/news\/jacksonville-cbd-office-tower-fetches-25m\/\">acquired BB&amp;T Tower for $24.5 million<\/a>. The office tower changed hands through the Ten-X auction platform.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 23-story building\u2014to be rebranded as VyStar Tower\u2014recently underwent an expansive renovation program that included the addition of a fitness center and tenant lounge. <\/p>\n","protected":false},"author":240,"featured_media":1004246516,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1591,21742,21747],"tags":[36351,32763,36146],"class_list":["post-1004246498","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-jacksonville","category-latest","category-office","tag-capital-improvement","tag-colliers-international","tag-mainstreet-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Downtown Jacksonville Office Trades for $59M - 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\/downtown-jacksonville-office-trades-for-59m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downtown Jacksonville Office Trades for $59M\" \/>\n<meta property=\"og:description\" content=\"The 23-story building\u2014to be rebranded as VyStar Tower\u2014recently underwent an expansive renovation program that included the addition of a fitness center and tenant lounge.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/downtown-jacksonville-office-trades-for-59m\/\" \/>\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=\"2018-08-01T15:47:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T00:15:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/27-S.-Laura-St.-VyStar-Tower.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"410\" \/>\n\t<meta property=\"og:image:height\" content=\"308\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Timea-Erika Papp\" \/>\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\/downtown-jacksonville-office-trades-for-59m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/downtown-jacksonville-office-trades-for-59m\/\",\"name\":\"Downtown Jacksonville Office Trades for $59M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/downtown-jacksonville-office-trades-for-59m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/downtown-jacksonville-office-trades-for-59m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/27-S.-Laura-St.-VyStar-Tower.jpg\",\"datePublished\":\"2018-08-01T15:47:58+00:00\",\"dateModified\":\"2022-12-09T00:15:41+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f58a713dcbdcb5aab2648af2aa04d6ae\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/downtown-jacksonville-office-trades-for-59m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/downtown-jacksonville-office-trades-for-59m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/downtown-jacksonville-office-trades-for-59m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/27-S.-Laura-St.-VyStar-Tower.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/08\/27-S.-Laura-St.-VyStar-Tower.jpg\",\"width\":410,\"height\":308,\"caption\":\"27 S. 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