Kuhn paid Orlando-based Capital Partners Inc. $$37 million, or $96.10 per sf, for the 50%-leased property which has only two tenants--SunTrust Bank, occupying 72,404 sf on 4.5 floors, and Humana Health Care which leases two floors. Kuhn says he plans to rename the property River Watch at City Centre to tie in better with Jacksonville's ongoing Downtown redevelopment program.

"We believe Downtown Jacksonville, under the leadership of Mayor John Peyton, has the same potential as Downtown Orlando," Kuhn says. "What we have planned for River Watch at City Centre will change Downtown Jacksonville and the riverfront, and ignite a new generation of Downtown Jacksonville places and opportunities. We want to be a part of that."

Kuhn didn't disclose financial details of the acquisition. Area brokers and construction sources tell GlobeSt.com the $96.10-per-sf price is about $100 under current replacement cost for a comparable class A office building. In Downtown Orlando, he has purchased and rehabilitated 22 landmark buildings totaling one millions sf and is developing the $140-million Premiere Trade Plaza, a mixed-use development at Church Street and Orange Avenue.