American Financial Realty acquired the property in September 2004 as part of a 140-property portfolio transaction with Wachovia Bank. The bank occupies about 70% of the space and will be moving to an adjacent building where it will consolidate its Jacksonville operations. The city plans to occupy the entire property by September.

"We are pleased to be able to execute a deal that meets the needs of our bank customers and the City of Jacksonville, while eliminating a significant vacancy in our portfolio," says Glenn Blumenthal, chief operating officers at American Financial. "By working in partnership, we were able to arrange a deal that meets the city's need to centralize its services and more effectively serve its office requirements."

An American Financial Realty representative tells GlobeSt.com the company plans to use the proceeds for future acquisitions and other general corporate purposes. Michael Harrell of CB Richard Ellis Inc. negotiated for American Financial Realty. Robert H. Williams, chief of the city's real estate division, represented Jacksonville. Edmund Ball, a Florida banking executive who founded Florida National Bank, had the building constructed in 1961.