by Bradley Parsons
Staff Writer
The SouthTrust name came down from one of the Southbank’s most recognizable buildings last week and the building’s owner isn’t sure yet what name will replace it.
The Birmingham-based bank was acquired in November by Wachovia for $14.3 billion. Representatives for Gate Riverplace Co., which owns the 28-story tower at 1301 Riverplace Blvd., said Wachovia hadn’t made a decision yet on renewing SouthTrust’s lease when it expires in August, but said Gate is already looking for a replacement to fill 50,000 square feet of office space once occupied by the building’s flagship tenant. SouthTrust’s branch inside the tower has been vacant since shortly after the merger.
Wachovia spokesman Kevin Bezner confirmed that SouthTrust signs have been coming down from buildings across the Southeast as Wachovia moves to consolidate the banks’ operations. Most of those will be replaced in June with the Wachovia name.
But the Charlotte-based bank already has its name affixed atop a downtown building at 245 Water St. If Wachovia wants to put its name up on the Southbank, the sign likely wouldn’t be ready until June, said Bezner.
If a Wachovia sign does appear above the building between now and August, that’s an indication that the bank has decided to extend the lease with Gate, said Bezner. But if the sign doesn’t appear, it doesn’t necessarily mean Wachovia won’t renew, said Bezner.
“These are decisions that haven’t been made yet,” he said.
The building was Jacksonville’s tallest when it opened in 1967. Before SouthTrust vacated, property managers said about 90 percent of the building’s 425,352 rentable square feet was occupied.
Phone calls to Gate and leasing agent Trammell Crow Company were not returned. Real estate analysts and building tenants said they’d heard Gate was looking for a new flagship tenant.
—May 18, 2005