by Max Marbut
Staff Writer
There are plenty of people who are happy to see construction underway at the site of the Duval County Unified Courthouse Facility. Elected officials don’t have to answer the question “When’s it ever going to start?” and contractors are drawing paychecks. Even the guy who sells hot-dogs at the corner of Julia and Monroe streets is seeing an uptick.
Three more people who are pleased to see the activity are Cushman & Wakefield Senior Directors of Office Brokerage Services Bob Retherford and Buddy Register and Associate Erika Bjork. They view the Courthouse project’s beginning as the first step in the evolution of Jacksonville’s Central Business District.
“Now that the timeframe for completion is 24-36 months people who are tenants east of Main Street are already calculating when their leases will expire,” said Retherford.
Bjork agreed.
“Now that we’re seeing some dirt turning it’s generating a lot of interest in the neighborhood,” she said.
Cushman & Wakefield is the leasing agent for the former Atlantic Bank Building at 121 W. Forsyth St. The structure, now officially known as 121 Atlantic Place, encloses almost 95,000 square feet of rentable space within its 10 floors. The building is currently being renovated to the tune of close to $1 million in anticipation of an office space boom that will accompany the completion of the new Courthouse.
Register said urban commercial real estate markets nationwide are on the upswing and it’s part of a natural cycle.
“I saw it happen in Atlanta when the market went down for years and then came back,” he said.
In addition to upgrades to the interior finish, lobby and common areas, 121 Atlantic Place is also receiving a technological upgrade. When the building opened in 1909, things like air conditioning weren’t even thought of — much less Internet and fiber optics.
“We have spaces ranging from 5,000 square feet to 15,000 square feet,” said Retherford. “For litigators and other attorneys as well as support services like court reporters this building will be an ideal location.”
The brokers are also expecting a ripple effect when the new Courthouse opens. Attorneys and others who are currently tenants near East Bay Street will be moving and that will create more leasable space in that part of the CBD.
The unique building that has parquet floors in several areas and even the original Atlantic Bank board room which makes it a class of office space not found every day.
“There aren’t many buildings of this type left in Jacksonville. We are restoring it, upgrading it and getting it ready for tenants,” said Retherford.
“The commercial real estate market is not flat,” added Bjork. “It’s an opportunity.”
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