(Carl Cronan is editor of Real EstateFlorida.)

JACKSONVILLE, FL-Deutsche Bank AG’s plans to expand its local operations may provide a welcomed boost to the city’s office market, which faces rising vacancy and negative absorption at midyear. The German financial giant celebrated the upcoming expansion with elected city leaders Wednesday evening at its offices at 5022 Gate Parkway.

Deutsche Bank reportedly plans to invest at least $12 million into renovating its current 51,000-sf facility and adding 125,000 sf. The new center will house operational and support teams for Deutsche Bank’s Investment Banking Operations group, which will initially employ 400 and grow to 1,000 over the next three years, according to an announcement by Mayor John Peyton.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.