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One Enterprise Center Downtown is on the market.
Jax Daily Record Friday, Feb. 24, 201712:00 PM EST

One Enterprise Center Downtown for sale

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Downtown’s 22-story One Enterprise Center is for sale.

An offering flier circulated Friday says the 317,571-square-foot tower is 51.2 percent occupied. Built in the mid-1980s, the structure is on 1.15 acres at 225 Water St.

John Bell, managing director of Transwestern in Miami, is marketing the property.

“We are expecting strong turnout,” he said, citing amenities Downtown like having the Omni Jacksonville Hotel next door, offering a strong parking ratio, being near the redevelopment along Laura Street and being steps from the Riverwalk and the Jacksonville Landing.

“It’s right in the middle of everything,” he said.

The flier calls it an iconic local landmark with an opportunity for signage and naming rights, making it “highly attractive to large users.”

It markets the “unobstructed water views,” on-site amenities, a large contiguous block of vacant space and its location next to the Omni.

Cash flow is stable and there is minimal near-term rollover of tenants, it says.

As of 30 days ago, up to 140,309 square feet was available as contiguous space, according to CBRE Inc. The firm rents space in the building and serves as its leasing and management firm.

“It’s a good opportunity for the next owner. They will benefit from the opportunity of taking over a property that is 50 percent leased. Lots of upside,” Bell said.

Two years ago, the building ended up in the lender’s hands following foreclosure. Wells Fargo, its major bank tenant, left in 2011.

A certificate of title was filed in May 2015 transferring ownership of the office tower to 225 Water Street West Holdings LLC.

That company’s sole member is U.S. Bank National Association, the trustee for the lenders. CWCapital Asset Management of Bethesda, Md., was the special servicer and controls the property.

Bell said being under a special servicer can be a leasing challenge.

“There is the expectation that One Enterprise will be leased up in a pretty quick fashion once it has stable, committed ownership,” he said.

It was built more than 30 years ago to house the headquarters of Florida National Banks of Florida, which later merged into First Union, then Wachovia and then Wells Fargo.

The flier says it was built in 1985, while property records show 1986.

One Enterprise Center’s major tenants include Smith Hulsey & Busey, First Tennessee Bank, Fifth Third Bank, Gresham Smith and Partners, U.S. Legal Support and Gunster.

Property records show its market value at almost $16.7 million.

One Enterprise Center and the Omni also have access to a parking lot and an adjacent 10-story parking garage with more than 1,000 spaces. The lot and garage are owned by separate groups.

 

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