Lingerfelt CommonWealth Acquires Riverplace Tower

JACKSONVILLE, FL—Lingerfelt CommonWealth Partners has acquired the 28-story Riverplace Tower office building here from longtime owner Gate Riverplace Co.

The 425,223-square-foot Class A office building completed in 1967, was the world's tallest precast post-tensioned concrete structure and the tallest building in Florida until 1972. Today, the tower building at 1301 Riverplace Blvd. remains the fifth tallest building in Jacksonville. The property underwent a renovation in 1994 as well as a major multi-million dollar modernization and renovation in 2005.

The property has been owned by Gate Riverplace, a subsidiary of Gate Petroleum, for decades. No financial details of the transaction were released. The Financial News and Daily Record of Jacksonville reports that sources put the sale price at $29 million.

"We are very enthusiastic to be involved in the next chapter of such an iconic property," says John E. Mason, senior vice president with Richmond, VA-based Lingerfelt CommonWealth Partners. "Riverplace Tower offers 360 degrees of unencumbered views, debatably the best in the Jacksonville market. And its (post-tensioned) design provides for maximum floor plate efficiency. We can accommodate a user looking for up to 100,000 square feet of contiguous available space, top of building signage, and breathtaking views. That is a strong combination."

Lingerfelt CommonWealth Partners will handle all aspects of the day-to-day asset and property management through its property management affiliate Commonwealth Commercial Partners. JLL has been selected to handle the leasing and marketing for Riverplace Tower.

The Riverplace Tower acquisition brings Lingerfelt CommonWealth Partners' total portfolio holdings to approximately 4 million square feet, including approximately 60 assets in four states in the Mid-Atlantic and Southeast regions.