- 2014 - January - 6th -

121 Atlantic Place gains tenants; Life of South Building sold

From Staff

The 121 Atlantic Place building Downtown, the former Atlantic National Bank headquarters, has soared from almost empty about three years ago to more than half leased and has proposals out for much of the rest.

"We are about 60 percent leased, which is a good ways to go but a long way from zero, which is where we started," said Bob Retherford, senior director of brokerage for Cushman & Wakefield of Florida Inc.

Cushman & Wakefield is the management leasing agent for the building, which is at 121 W. Forsyth St.

Cushman & Wakefield moved after Thanksgiving from the suburbs to the ninth floor of the 10-story building.

Two more new tenants include Old Republic National Title Insurance Co., which will move in a couple of months from a nearby building to 10,600 square feet on the fifth floor, and The Harper Law Firm, which will move from the suburbs this month to about 1,900 square feet on the sixth floor to share with another firm, Retherford said.

Lawyer Kay Harper serves on the Downtown Investment Authority. International Management Co. LLC is the contractor to build-out space in Suite 600 for the law firm.

International Management Co. also is the contractor to renovate more than 9,000 square feet on the fifth floor for Old Republic. The Jacksonville area operations of Minneapolis-based Old Republic will move from 120 E. Forsyth St. Developer Mike Langton wants to buy that building.

Workscapes moved its office furniture showroom and offices into 5,500 square feet on the ground floor, Retherford said.

The 110,000-square-foot building has about 44,000 square feet remaining for lease and Retherford said proposals are out for much of that. "It is an indication there is a little momentum," he said.

Prospective tenants are moving from the suburbs and within Downtown, he said.

Retherford said while sizes vary, the lower five floors are about 15,000 square feet each and the sixth through 10th floors are about 5,000 square feet each. Property records show the building was developed in 1908 and a second structure was built in 1951.

"Essentially the building was vacant" for some time before the Broom, Moody, Johnson & Grainger Inc. real estate appraisers and consultants moved in 2011 into about 5,000 square feet, he said. Broom, Moody operates in Suite 1000.

"We think we are making reasonable progress," Retherford said.

He said 121 Atlantic Place is "a different animal" when it comes to Downtown space, calling it a historic, smaller neighborhood building. He said the owners redid the infrastructure over the past several years. He said previously it was a $1 million renovation

"We hopefully will snag one or more of these offers we have out," he said.

Regency Centers Corp. anchored 121 Atlantic Place before moving to the Wells Fargo Center.

Life of the South Building sells for $3M

The Life of the South Building at 100 W. Bay St. Downtown was sold Dec. 31 for $3 million, according to the Duval Clerk of Court. The sale and a $2.64 million mortgage were recorded Friday.

Cathedral Place Associates Ltd. LLLP sold the 73,000-square-foot structure to 100 West Bay Street I LLC, whose managing member is Eugene Profit.

Cathedral Place bought the building in 2002 for $4.75 million. Its 2013 taxable value and 2014 market value in progress is $2.03 million.

Property records with the Duval County Property Appraiser's Office show the 73,000-square-foot building was developed in 1963. The appraiser's office shows the structure at six stories, while a property flier says it is seven floors.

ReadyCap Commercial LLC of Irvine, Calif., issued the mortgage.

Profit, a former NFL player with the New England Patriots and Washington Redskins, created Profit Investments in 1996. It's based in the Washington, D.C., area.

Profit is the portfolio manager and has almost 20 years portfolio management and investment research experience, according to profitfunds.com.

Before founding Profit Investments, he was a financial consultant with Legg Mason.

He graduated from Yale University with a bachelor's degree in economics.

Profit Investments serves institutional and retail clients investing in U.S. equities.

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