Jacksonville City Council approved an ordinance Aug. 26 in support of plans by the owner of a three-building office complex at Butler Boulevard and Belfort Road to sell the structures individually.
Council voted 16-0 in favor of Ordinance 2025-0450, which rezones the 16.47-acre Butler Plaza from Industrial Business Park to Planned Unit Development. Council members Jimmy Peluso and Terrance Freeman were not present and member Will Lahnen abstained.
The rezoning divides the acreage into three parcels. A PUD is a special zoning district that allows for a mix of residential, commercial and industrial uses within a single district.
San Francisco-based TPG Real Estate Partners Investments LLC, the property owner, sought the rezoning.
A written description of the ordinance says the applicant “intends to subdivide the Property and sell the buildings to individual owners.”
Cyndy Trimmer, the land-use attorney representing TPG, said the owner doesn’t have buyers now but wants to divide the parcels to speed up the process if one becomes interested.
Butler Plaza comprises three office buildings totaling almost 262,000 square feet of space on the property. TPG owns the property through Jacksonville Butler PropCo, LLC. Tenants include the Wounded Warrior Project.
The three parcels would be divided into nearly equal-sized parcels with just under 400 parking spots for each.
The first building at 4899 Belfort Road is 86,929 square feet and was built in 1999. The second building at 4887 Belfort Road is 87,433 square feet and was built in 2001. The third building is a small utility building, and the fourth building at 4875 Belfort Road is 87,433 square feet and was built in 2008.
TPG Real Estate Investments LLC bought the property for $37.9 million in December 2019 from Greenfield Partners of Westport, Connecticut.
According to its website, TPG is a global alternative asset management firm founded in 1992, now with $258 billion of assets under management and investment.
TPG registered Jacksonville Butler PropCo with the state in November 2019, listing its Fort Worth, Texas, office as the ownership address.