ShareMD buys Eight Forty One tower on Downtown Southbank for $67 million

Atlanta-based company offers medical co-working services.

  • By Scott Sailer
  • | 10:10 a.m. February 21, 2020
  • | 5 Free Articles Remaining!
The Eight Forty One building at 841 Prudential Drive.
The Eight Forty One building at 841 Prudential Drive.
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Atlanta-based ShareMD, a medical office building owner and operator, paid $67 million for Eight Forty One, the Southbank office tower anchored by One Call and Baptist Health.

Miami-based Easton & Associates, representing the buyer, announced the sale Feb. 21. It said the 841 Prudential Drive property is 80% occupied. 

The seller was GV-IP Jacksonville Owner LLC in care of GEM Realty Capital Inc. of Chicago. GEM is a real estate investment trust that partnered with IP Capital Partners. CBRE represented the seller.

ShareMD is “strategically acquiring medical office buildings throughout Florida to meet increased demand for healthcare services as well as to grow their clinical co-working platform,”  Easton & Associates Vice President Elliot LaBreche said in a news release. 

In the past four months ShareMD has invested $100 million in Florida real estate, Easton said.

ShareMD developed a co-working medical suite concept in Southern California and plans to introduce the concept to Florida.

“The company builds out clinical space for doctors and other medical professionals and then leases it by the half-day, day, week or month—allowing physicians to expand their geographic reach and save money by not being tied into long-term rents,” the release said.

Plans for the Eight Forty One building include reserving 10,000-15,000 square feet for co-working and engaging long-term leases from medical tenants in remaining vacant space, LaBreche said.

ShareMD plans to acquire additional assets in Florida.

 “With an aging baby boomer population, a burgeoning demand for healthcare services and insurance companies favoring outpatient care, we think the timing is perfect to execute our business plan in Florida,” said George Scopetta, president and managing partner of ShareMD. “The opportunity is endless.”

Property records show the 22-story, almost 600,000-square-foot tower was built on 6.5 acres in 1955 when it was the tallest building in the Southeastern U.S.

It is marketed as 20 stories and almost 495,000 square feet of leasable space.

Records show a 2020 assessed value of $53.3 million.

Now called Eight Forty One, the riverfront structure was built for Prudential Insurance Co.

A group led by Boca Raton-based IP Capital Partners paid $55.5 million for the property, then known as the Aetna Building, in December 2013.



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