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Jax Daily Record Wednesday, Dec. 3, 201412:00 PM EST

CSX buys 550 Water St. for $30 million

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CSX Corp. bought the 550 Water Street Building on Tuesday for $30 million.

Jacksonville-based CSX, through The Atlantic Land and Improvement Co., bought the Downtown property from BP Graham LLC, based in Alabama. The sale was recorded Wednesday with the Duval County Clerk of Court.

The transportation company leases almost 75 percent of the structure, which sits next to its riverfront headquarters at 500 Water St.

The Atlantic Land and Improvement Co.’s officers comprise executives with CSX Transportation and CSX Real Property Inc.

The 14-story 550 Water Street building comprises 234,310 square feet, according to the Duval County Property Appraiser’s office. CSX occupies 172,000 square feet, or all but three floors.

BP Graham LLC of Birmingham, Ala., bought the building for $23.3 million in October 2007. The structure, built in 1982, carries a 2015 assessed value in progress of $14.25 million and sits on 1.9 acres.

It is the sixth Downtown high-rise to be sold within a year. On the Southbank, Riverplace Tower was sold in October and 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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