Office tenants concerned about safety and security in a Downtown building have an option built with both: The Federal Reserve Bank of Atlanta Jacksonville Branch.
Almost 23,000 square feet of space is available for office tenants at the 800 Water St. structure, which is built for durability and is secured by armed guards inside the building and within the walled and gated parking lot.
The fortification keeps safe an unrevealed amount of cash that flows through the building. The branch is considered the bank for regional banks, taking in their deposits and providing them cash withdrawals as needed.
Vice President and Branch Manager Christina Wilson was protective of details about the building’s fortification, acknowledging that part of the Federal Reserve’s mission is to ensure currency is readily available to the district’s financial institutions.
That means it “is well equipped to maintain and/or resume operations following a business continuity/crisis event,” she said.
Space in three-story, 198,000-square-foot structure became available in 2009 when the Fed branch no longer needed to process checks within the banking system.
Three tenants — a data center, law firm and payroll service — already lease about 20,000 square feet.
Lawyer Ray Roebuck said he leases about 3,200 square feet there for the Roebuck Law Office, which focuses on insurance defense.
When he was looking for office space six years ago, he had not heard a lot about the Federal Reserve space, but took a look.
He recently renewed for another five years.
Roebuck cited the free parking, proximity to the courthouses, a clean environment, a cafeteria and security staff as reasons the space works for his five-person staff.
The federal police officers “are very courteous and very friendly,” he said. “It’s not as oppressive as people might think.”
Plus, he said, “it is quiet and small enough that everyone knows who you are. ... You see each other in the hall and say ‘Hi, how are you,’” he said.
Roebuck leases on the third floor and worked with the Federal Reserve team to build out the space.
He has not had any computer problems, either. In the event the area lost power, “you can come up there. I think they are probably first in line to get power up.”
“Yes, you would feel safe here,” he said.
The immediately available space for lease on the second floor comprises two areas.
Almost 8,200 square feet, Suite 201, can be divided into as small as 4,000 square feet.
Suite 260 is almost 14,700 square feet, but another 6,500 square feet next door in Suite 270 will soon be available, creating slightly more than 21,000 square feet of contiguous space.
Wilson and Tom Gallacher, manager of facilities management and support services, said the building is accessible to tenants 24/7, although they and their guests are subject to security clearance at all hours.
“Security is a big plus, but you have to want that,” Wilson said.
Amenities include the on-site full-service cafeteria that includes grab-and-go food for off-hours; housekeeping services; the use of meeting and conference rooms; free secured parking at a ratio of three to four spaces for every 1,000 square feet of leased space; access to the building’s fitness center for a fee; and security.
The rental rate is $16 a square foot for the full-service lease and the Fed prefers a five- to seven-year term.
Wilson said the bank has a structured due diligence process when evaluating potential tenants that includes a review of the potential tenant’s internal background screening process.
“This information is considered when evaluating ‘fit’ as a prospective tenant,” she said.
Wilson said the building is conducive to tenants who don’t have a lot of visitors or require many deliveries.
All vehicles must come through the parking gate. Pedestrians are required to clear a security screening.
All Federal Reserve buildings require individuals to clear security.
The Fed also promotes that the site is near the Duval County Courthouse and the Bryan Simpson U.S. Courthouse; the Skyway station and the new Jacksonville Transportation Authority Regional Transportation Center; the Brooklyn neighborhood and Downtown; and Interstates 95 and 10.
It also is near the Prime Osborn Convention Center. The Lofts at LaVilla project is under construction across the street.
Bob Retherford and Buddy Register, senior directors of Cushman & Wakefield of Florida Inc., represent the Federal Reserve as the landlord.
Tenants will operate in a building that handles many millions of dollars on any given day.
Consider that one “cash bus” of $20s in the highly secured cash room totals $11.2 million, and several buses are in view but well out of reach for those touring the facility. There’s no telling how many are in vault.
The Federal Reserve System, created in 1913, is the nation’s central bank and is based in Washington, D.C.
The Federal Reserve Banks comprise 12 regional banks. The regional Atlanta Federal Reserve Bank has five branches in Jacksonville, Miami, Birmingham, Nashville and New Orleans.
Wilson said all but Nashville have space available for lease to tenants.
About 969 banks and branches in most of Florida, other than South Florida, send their currency to the Jacksonville branch for processing, including destruction and replacement of worn-out bills and detection of counterfeit notes.
Once counted and sorted, the cash is stored in the vault until the banks need it. Banks request more cash for holidays and events such as approaching hurricanes, and once those events pass, the cash returns for storage.
Banks are responsible for transporting and retrieving their currency at the branch, and the armored trucks must pass through strict security.
The Fed has operated a branch in Jacksonville since 1918, first in leased space. It occupied buildings on Hogan Street and then Julia Street before moving into the fortress on Water Street in 1987.
Those were secure, too. The 515 N. Julia St. building became the county’s Emergency Operations Center.
For security reasons, Wilson declined to say how many employees are in the Water Street building. In 2010, it housed about 185 bank employees, down from 325 from when the branch processed checks.
The branch had processed as many as 5 million checks a day before customers stopped using them as frequently when banks and businesses turned to electronic processing.
The Jacksonville branch stopped processing checks in 2008 as the volume had fallen to 500,000 a day.
Guests and their belongings are screened upon entry into the bank’s lobby and must be accompanied throughout the building.
Sensors and cameras are monitored by the Federal Reserve Police, who are on-site 24/7. They have federal law enforcement powers, including arrest powers.
In addition to the cash employees and law enforcement, the branch employs research, accounting, support, training, maintenance, housekeeping and food-service staff.
Kristine Branch, director of facilities management and support services, said the Jacksonville branch periodically hosts tours and meetings for commercial real estate brokers to raise awareness about the available space.
Wilson said the branch building turned 30 in May.
“We do spend a lot of time and effort to make sure it is in the best shape possible,” she said.