(Carl Cronan is editor of RealEstateFlorida.)
JACKSONVILLE, FL-Deutsche Bank AG's plans to expand its localoperations may provide a welcomed boost to the city's officemarket, which faces rising vacancy and negative absorption atmidyear. The German financial giant celebrated the upcomingexpansion with elected city leaders Wednesday evening at itsoffices at 5022 Gate Parkway.
Deutsche Bank reportedly plans to invest at least $12 millioninto renovating its current 51,000-sf facility and adding 125,000sf. The new center will house operational and support teams forDeutsche Bank's Investment Banking Operations group, which willinitially employ 400 and grow to 1,000 over the next three years,according to an announcement by Mayor John Peyton.
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