from staff
Graham & Company/CORFAC International recently completed a $22.3 million sale of the 550 Water Street building, a 14-story, 220,000-square-foot Class A office building in downtown Jacksonville. Peter Crolius, managing broker for Graham’s Jacksonville office, represented the buyer, BP Graham, LLC — a Birmingham, Ala.-based private equity group — in the transaction. Lou Nutter of CB Richard Ellis represented the seller.
“We are very pleased to have completed this sale on behalf of BP Graham, LLC,” said Crolius. “The downtown Jacksonville office market is highly competitive and this facility is located in the primary commercial district. This facility met BP Graham, LLC’s commercial real estate objectives and we look forward to marketing and managing this space.”
The Northbank building is 14 stories tall with 220,000 square feet of Class A office space and features a deli and on-site parking. Current tenants include Verizon, Interline Brands, Blue Cross/Blue Shield and MCI.
Graham & Company/CORFAC International was appointed exclusive leasing agent and property manager. There is currently 165,000 square feet of space available, including up to 110,000 square feet of contiguous, full-floor space and a retail banking facility with existing safe and drive-thru banking lanes.
Graham & Company/ CORFAC International was founded in 1978 and is a full-service commercial real estate firm based in Birmingham that offers sales, leasing, property management, appraisal, consulting, investment, and development services.
Specializing in office and industrial real estate, Graham supervises more than 9 million square feet of space, primarily in the Birmingham and Huntsville, Alabama and Jacksonville areas.
Corporate Facility Advisors/CORFAC International is one of the largest commercial real estate services organizations in the world. CORFAC is comprised of privately held entrepreneurial firms serving more than 150 markets domestically and internationally through its King Sturge CORFAC International alliance.
Founded in 1989 and headquartered in Hollywood, Florida, CORFAC — according to a press release — selects its firms based on their professional integrity, industry leadership, market coverage and high standards of excellence.
Last year, CORFAC firms completed 11,500 commercial real estate transactions worldwide, encompassing 788 million square feet and valued at $23.4 billion.