Colliers Jumps From Wells Fargo to BofA Tower

JACKSONVILLE, FL—One building’s loss is another building’s gain. Colliers International Northeast Florida is playing some real estate musical chairs with its office leases in Downtown Jacksonville.  

Colliers is moving from Wells Fargo Center to Bank of America Tower at 50 North Laura Street. The commercial real estate firm will expand and move its current offices into an 8,706-square-foot space on a multi-year term. Financial terms of the transaction were not disclosed.

Jones Lang LaSalle’s Kaycee Gardner represented the landlord during lease negotiations. Chuck Diebel of Colliers International represented the tenant. With less than 10% vacancy, Wells Fargo Center didn’t offer Colliers enough room to expand.

“With new services, new hires, and additional opportunities on the horizon, we really needed more space and an updated facility,” Robert W. Selton III, president of Colliers International Northeast Florida, said in a statement. “Additionally, moving into a high-end tower that is LEED certified, our space will be constructed to pursue LEED certification, ensuring it will be energy efficient and environmentally friendly.”

Located in the heart of Jacksonville’s Central Business District and owned by Parmenter Realty Partners, Bank of America Tower is a 42-story, 660,791-square-foot, class A office building. It’s also the tallest tower in Northern Florida.  

With Jacksonville’s professional services sector experiencing employment gains in the second quarter, Gardner tells GlobeSt.com she expects gradually rising demand for office space throughout the remainder of 2012 and into next year. “Trophy assets such as Bank of America Tower are well positioned to experience positive absorption,” she says, “with Colliers being the latest example of a class A tenant that sees the value of locating in a premium downtown building.”