{"id":1004621736,"date":"2022-11-09T03:32:25","date_gmt":"2022-11-09T11:32:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004621736"},"modified":"2022-12-08T06:56:50","modified_gmt":"2022-12-08T14:56:50","slug":"jea-headquarters-building-sells-for-95m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jea-headquarters-building-sells-for-95m\/","title":{"rendered":"Real Capital Solutions Pays $95M for Jacksonville HQ"},"content":{"rendered":"
\"\"<\/a>

JEA Headquarters. Image courtesy of Ryan Cos.<\/p><\/div>\n

The JEA headquarters building in Jacksonville, Fla., newly developed at a cost of approximately $72 million, has come under new ownership. Ryan Cos.<\/strong>, developer of the 153,000-square-foot tower, sold the asset to Real Capital Solutions<\/strong> in a transaction valued at just under $95 million, according to Duval County property records.<\/p>\n

The office sector may not be the investment community\u2019s darling right now, operating in the shadows of a robust industrial sector<\/a>, but premier office assets still attract eager buyers. \u201cWe received considerable interest in the building and decided Real Capital Solutions would be a great partner for the JEA headquarters,\u201d Doug Dieck, president of the Southeast Region with Ryan Cos, told Commercial Property Executive<\/em>.<\/p>\n

\n

READ ALSO:<\/strong> What Makes a Successful Office Investment Strategy Today: Nuveen<\/a><\/p>\n

\n

The JEA headquarters building stands at 225 Pearl St. in Jacksonville\u2019s central business district and holds the distinction of being the first new-build office tower to sprout up in the city\u2019s downtown core in nearly 10 years. Having acquired the 1.5-acre site for $2.6 million in 2019, Ryan commenced the development of the seven-story structure as a build-to-suit for the not-for-profit utility in 2020, relying on the assistance of $62.9 million in construction financing<\/a> from Wells Fargo. The company topped out the building<\/a> in April 2021.<\/p>\n

JEA’s home has multiple workspaces that foster employee collaboration, outdoor spaces, approximately 10,000 square feet of activated ground-level retail space and an adjacent 657-space parking facility. The headquarters is also highly sustainable, having been built to qualify for LEED Gold certification.<\/p>\n

State of the sector<\/h2>\n

The sale of the JEA headquarters building at roughly $620 per square foot speaks to the property\u2019s quality and key location, as the average sale price for office assets in metropolitan Jacksonville in the third quarter was approximately $160 per square foot, according to a report by Colliers. Pricing guidance and expectations are at odds in Jacksonville\u2014and elsewhere.<\/p>\n

\u201cThe national office sector cycles just like all types of real estate. Real estate values are sensitive to interest rates, and we are in a rising interest rate environment,\u201d Dieck noted. \u201cOffice properties with great amenities inside the building and in the adjacent surrounds will continue to attract great tenants. Since the COVID-19 pandemic, suburban office buildings have seen rising vacancy. Like most cycles, 2023 will be a case of the haves and have-nots when it comes to specific buildings.\u201d<\/p>\n

JEA plans to move into its new home at 225 Pearl St. in phases over the next few months. Ryan will retain a relationship with the building, having signed on to serve as property manager on behalf of the new ownership.<\/p>\n","protected":false},"excerpt":{"rendered":"

The newly completed building serves as the headquarters for the city\u2019s electric utility.<\/p>\n","protected":false},"author":969,"featured_media":1004621762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747],"tags":[32779,37909,34002,33277],"class_list":["post-1004621736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","tag-leed","tag-real-capital-solutions","tag-ryan-companies-us-inc","tag-wells-fargo"],"acf":[],"yoast_head":"\nReal Capital Solutions Pays $95M for Jacksonville HQ - CPE<\/title>\n<meta name=\"description\" content=\"Ryan Cos. sold the JEA headquarters building in Jacksonville, Fla., to Real Capital Solutions for some $95 million.\" \/>\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\/jea-headquarters-building-sells-for-95m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Real Capital Solutions Pays $95M for Jacksonville HQ\" \/>\n<meta property=\"og:description\" content=\"Ryan Cos. sold the JEA headquarters building in Jacksonville, Fla., to Real Capital Solutions for some $95 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jea-headquarters-building-sells-for-95m\/\" \/>\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=\"2022-11-09T11:32:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T14:56:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/11\/JEA-Headquarters-e1667990449565.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1068\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jea-headquarters-building-sells-for-95m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jea-headquarters-building-sells-for-95m\\\/\"},\"author\":{\"name\":\"Barbra Murray\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/d1edda962dd3af55af8a203870f9fc32\"},\"headline\":\"Real Capital Solutions Pays $95M for Jacksonville HQ\",\"datePublished\":\"2022-11-09T11:32:25+00:00\",\"dateModified\":\"2022-12-08T14:56:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jea-headquarters-building-sells-for-95m\\\/\"},\"wordCount\":451,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jea-headquarters-building-sells-for-95m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2022\\\/11\\\/JEA-Headquarters-e1667990449565.jpeg\",\"keywords\":[\"LEED\",\"Real Capital Solutions\",\"Ryan Companies US Inc.\",\"Wells Fargo\"],\"articleSection\":[\"Investment\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jea-headquarters-building-sells-for-95m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jea-headquarters-building-sells-for-95m\\\/\",\"name\":\"Real Capital Solutions Pays $95M for Jacksonville HQ - 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