Riverplace Tower was sold Thursday to Lingerfelt CommonWealth Partners for $29 million.
Jacksonville-based Gate Riverplace Co. sold the 28-story riverfront Downtown Southbank tower to Lingerfelt CommonWealth, which is based in Richmond, Va.
The sale includes the adjacent 765-space garage that provides covered access to the tower and also a surface lot.
Lingerfelt CommonWealth said the 425,223-square-foot Class A office building has long been a fixture of the downtown Jacksonville skyline.
The company already has a significant market presence through leasing and managing the former Liberty Property Trust office and industrial space in Jacksonville since early this year.
Lingerfelt CommonWealth will handle the day-to-day asset and property management through Commonwealth Commercial Properties, a property management affiliate. Jones Lang LaSalle will handle leasing and marketing.
Gate Riverplace Co., part of Gate Petroleum Co., bought the tower, at 1301 Riverplace Blvd., in 1993 for $7.5 million, property records show.
Gate didn’t market the tower for sale. Instead, the company was approached with offers. The market was heating up because four Downtown towers have sold since December.
Duval County property records show the tower’s 2014 market value and 2015 value in progress at almost $37 million. Its gross square footage is 630,784 square feet and its leasable area is 425,223 square feet.
The building is 75 percent occupied, according to industry sources.
Riverplace Tower was built in 1966 for Gulf Life Insurance Co. Gate bought the property from Gulf Life and completely renovated the building.
Riverplace Tower features The University Club at the top. Its tenants include Rayonier Advanced Materials Inc., the Rogers Towers law firm and the Jacksonville headquarters offices for Adecco Group North America.
It also features a café, fitness center, sandwich shop, a child care center and a security desk staffed around the clock.
It is the fifth Downtown tower sold since December. Also on the Southbank, the Aetna Building sold in December. On the Northbank, the Wells Fargo Center was sold in June, the Bank of America Tower in July and EverBank Center in September.
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