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Prudential sells Jacksonville Tower – Commercial Real Estate Executive


701 San Marco Blvd

American insurance company Prudential Insurance Co has completed the sale of 701 San Marco, a 19-story Class A office tower at 701 San Marco Blvd., in Jacksonville, Florida.

Bradford Allen Investment Advisors bought the property for an undisclosed amount. A JLL The Capital Markets team represented Prudential in the transaction.

701 San Marco was built in 1985 and has 658,822 square feet of Class A office space, with 187,929 square feet available for lease and an additional 3,900 square feet for retail use, according to CommercialEdge.

Occupants include former building owner, US General Services Administration, FIS Relius, US Army Corps. engineers and Home Depot. The facility has conference rooms, a cafeteria, a restaurant on the first floor and a garage with 1277 spaces. The complex is located off Jacksonville’s South Main Street, overlooking the St. Johns River and is 1 mile from downtown Jacksonville, with quick access to many restaurants, shops and cultural attractions.

Jacksonville’s Journey to the Top

The sale of 701 San Marco takes place as Florida remains a magnet for corporate relocations and commercial real estate investments. Jacksonville, Miami and Tampa continue to see strong office leasing activity for both vacant and new space. Such moves are motivated in part by lower taxes and less intense regulations, as well as warmer weather. Jacksonville, for its part, has seen strong leasing and construction activity amid continued migration to the city, with more than 941,699 square feet of space leased year-to-date and 228,764 square feet of space under construction, according to data from JLL and a report for the second quarter of 2022 Avison Young.

READ ALSO: Class A demand stabilizes the office sector

The JLL team was led by Senior Vice President Peter Politi, Senior Managing Director Herman Rodriguez, Senior Director Robbie McEwan, Managing Director Ike Ojala and Director Matthew McCormack.

Putting these trends into context, McEwan said in prepared remarks that strong market fundamentals, a stable commercial office base, a growing workforce and favorable demographics continue to support Southbank’s growth into one of the strongest submarkets in Jacksonville.

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