London Owner Selling Trophy Jacksonville Office Asset

JACKSONVILLE, FL-The landmark Downtown 18-story, 242,384-sf, 86%-leased SunTrust Building is on the block and could bring in a gross contract of about $25 million or $100 per sf for London owner SB Jax, area brokers tell GlobeSt.com. Jacksonville is 230 miles north of Downtown Orlando.

“There is no formal asking price” at the moment, Manual DeZarraga, managing director of Sonnenblick-Goldman Co.’s Miami office, tells GlobeSt.com. “The owner is shifting its interest to Europe with the sale of this last property in the United States.” Sonnenblick-Goldman is marketing the SunTrust Building.

DeZarraga estimates the replacement cost of the structure today is about $50 million or $210 per sf, an obvious buyer incentive. SunTrust Bank is the anchor with 68,216 sf. Other high-profile tenants are Deutsche Bank, Alex.Brown, HDR Engineering, the U.S. Attorney’s Office and U.S. Customs Service.