Macquarie Group expanding in Riverplace Tower

The Australia-based financial services company is taking more fourth-floor space at Riverplace Tower.

The 28-story Riverplace Tower on the Downtown Southbank.
The 28-story Riverplace Tower on the Downtown Southbank.
  • Columnists
  • Mathis Report
  • Share

Macquarie Group, with at least 145 Jacksonville employees, is expanding in the 28-story Riverplace Tower on the Downtown Southbank.

The city is reviewing plans for the Australia-based company to renovate 12,826 square feet of space on the fourth and fifth floors at the 1301 Riverplace Blvd. tower.

Dav-Lin Interior Contractors is the contractor for the $685,625 project.

Macquarie Holdings USA Inc. also applied for a certificate of use for the space.

Melissa McNamara, senior vice president of corporate communications and investor relations for Macquarie Group in New York, said the company declines to comment.

The financial services company opened in Jacksonville in February 2016 on the fifth floor of Riverplace Tower and leased the fourth story in anticipation of growth.

Macquarie initially leased about 17,500 square feet on the fifth floor, which was set up for 125 employees, but could fit more. The fourth floor is a similar size. 

In 2017, Macquarie Group filed plans to move into half of the fourth floor. Brasfield & Gorrie LLC was the contractor for the $602,778 project to build-out the interior of 8,650 square feet of space. 

That permit was approved in June 2017 and the fourth-floor space officially opened Aug. 14, 2017, according to the city.

Plans indicate the company now will occupy all of the fourth floor.

Macquarie’s new plans show that it will renovate 5,184 square feet on the fifth floor and 7,642 square feet on the fourth floor. The permit application specifies “tenant build-out of adjacent space for expansion.”

The global financial-services company started with 60 employees and anticipated reaching 135 employees in 2017. 

It exceeded that number.

As of year-end 2017, Macquarie Global Services (USA) LLC employed 145 employees at Riverplace Tower, according to the city Office of Economic Development. The capital investment nears $5 million.

The job total comprised 124 employees at an average salary of $83,414 on the fifth floor and 21 employees at an average $62,401 on the fourth floor. Those salaries excluded benefits.

The capital investment totaled $4.8 million among the two floors.

According to the city, the fifth-floor investment totaled almost $3.39 million, which consisted of almost $2.19 million for structure costs and about $1.2 million for equipment.

Investment on the fourth floor as of year-end was $1.42 million, consisting of $1.02 million for structure costs and $403,139 for equipment.

Macquarie continues to hire for Jacksonville, posting jobs online for positions in product control, legal entity control, regulatory reporting, accounts payable, financial management, central compliance operations and other positions.

“We are anticipating success,” said Glen Skarott, then deputy group financial controller, as the office opened. 

Skarott, based at the company’s headquarters in Sydney, Australia, started the Jacksonville operation. He led the site search that ended in Jacksonville after the company considered 17 cities in five countries.

Skarott, Macquarie executives and city and business leaders announced in July 2015 the company had chosen Jacksonville as a global banking shared-services office.

The team provides finance, accounting, tax and regulatory support and other services to Macquarie functions in the U.S. and in some European markets.

Its U.S. headquarters is in New York and it has offices around the country. 

In coming to Jacksonville, Macquarie agreed to create 123 jobs by the end of 2017 and pay an average wage of $64,356, in addition to benefits.

Skarott said 800 applications were made for the initial Jacksonville jobs.

The first 60 employees comprised 40 local hires and 20 transfers from Macquarie Group offices in London, Hong Kong, India, New York, Houston and Sydney.

For the first 123 jobs, the City Council approved taxpayer incentives of $393,600, comprising a Qualified Target Industry grant of up to $147,600 and a training grant up to $246,000.

Macquarie also requested $1.37 million from the state, consisting of the QTI match of up to $590,400, a Quick Action Closing Fund up to $500,000 and a Quick Response Training Grant up to $282,900.

Macquarie said it expected to invest $2.2 million into improving its leased space. Adding in IT, equipment and furniture boosts that to at least $3.1 million. That also was exceeded as of year-end 2017.

Anthony Glenn was named to lead the Jacksonville office effective in July 2016.



Special Offer: $5 for 2 Months!

Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.