Ryan Companies sells new JEA HQ building to Colorado investment firm

The city-owned utility plans to complete its move into the $100 million office building by February 2023.

JEA will move its headquarters to this new seven-story, 153,000-square-foot building at 225 N. Pearl St.
JEA will move its headquarters to this new seven-story, 153,000-square-foot building at 225 N. Pearl St.
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Ryan Companies US Inc., the developer of JEA’s new Downtown corporate headquarters, announced Nov. 4 it sold the newly completed building to Colorado-based firm Real Capital Solutions.

It did not disclose the price. The deed had not been filed with the Duval County Clerk of Court office by 2:30 p.m. Nov. 4. 

The sale closed after the municipally owned electric and water utility received its certificate of occupancy from the city of Jacksonville for the seven-story, 153,000-square-foot building at 225 N. Pearl St. but before JEA has completed its move from its current headquarters.

The Wilbert Group Account Supervisor Haley Haas, who distributed the news release for Ryan, said in an email that “we’re unable to share the purchase price and lease terms.” 

JEA agreed to a 15-year, $153 million lease with the Minneapolis-based Ryan for the estimated $100 million headquarters and parking garage near the Duval County Courthouse. Those terms don’t change under the new ownership.

“It has been our pleasure to work with JEA on the development of their new headquarters. They have been fair but firm through the process and very professional,” Ryan Southeast Regional President Doug Dieck said in a news release. 

“They are moving into a great building that will serve them well for the next 20 years and beyond. We look forward to continuing to serve them as Ryan will manage the building on behalf of the new owner.” 

JEA decided to pursue a new headquarters project in 2017 before former CEO Aaron Zahn and members of his executive leadership team attempted to sell the utility to a private company, which resulted in a federal indictment of conspiracy against Zahn and former JEA CFO Ryan Wannemacher.

The headquarters project survived the scandal with some changes.   

In summer 2020, the current JEA board worked with Ryan to alter the design to reduce the height and cost of the project. 

Ryan paid $2.6 million for the 1.5-acre parcel in June 2020. 

The project has been under construction since October 2020. 

Ryan had the option to sell the property as part of its lease with JEA but required the company to give JEA the option to purchase the building before putting it on the market. 

According to the release, Real Capital Solutions has purchased and managed more than 365 real estate investments totaling about $3.5 billion over 35 years.

JEA CEO Jay Stowe said Oct. 25 that the utility plans to start relocating personnel and equipment to the new headquarters in December starting with technology services and security teams. 

He said the move from its existing 19-story headquarters at 21 W. Church St. should be complete by February 2023.

“I am grateful for our partnership with Ryan Companies and look forward to our relocation,” Stowe said.

“JEA is committed to remaining an integral part of downtown Jacksonville.”

The new JEA headquarters is planned for LEED-gold certification and features multiple workspaces, open, flexible floor plates and access to outdoor spaces. 

Dieck said in the release that Ryan exceeded workforce goals with more than 60% of the construction budget being spent locally, including $1.5 million with Jacksonville small and emerging businesses. 



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