Case Study

EverBank Center REPRESENTATION ASSIGNMENT



The challenge

EverBank Center, 1 MSF, 30-story office tower in Downtown Jacksonville, Florida was on the market for sale with its primary tenant, AT&T, in the process of transitioning out of the building; vacating the last 9 floors they occupied leaving the building at only 50% occupancy.

The EverBank Center is the largest building in Downtown Jacksonville, also hosting the largest floor plates, aggregating 33,000 RSF per floor. The building is well located close to the new County Courthouse but the CBD market activity generally consisted of 5-10,000 SF prospects; there had been negative absorption within the CBD over the last several quarters. Capital requirements for reworking each floor exceeded $1,000,000 per floor.


The strategy

An aggressive multi-pronged plan was put in motion to market two (2) floors for multi-tenant users, while targeting large users desires of large efficient floor plates. As results were beginning to be achieved the building went under contract to a buyer which complicated ongoing negotiations we had with several large users.


The services

Colliers International of Northeast Florida leasing team of Chuck Diebel, Robert Selton, Preston Phillips, and Lisa McLatchey focused their leasing expertise to identify and target multi-tenant floor and full floor users. They coordinated their efforts with the city of Jacksonville Economic Development Commission and the brokerage community

The results

Efforts produced three (3) full floor or larger users, several partial floor users, and existing tenant expansions, all taking the building to 90% occupancy. The largest of the tenants secured required two (2) lease proposal submittals with approvals from the current owner and the buyer. It was for a State of Florida bid for Citizens Insurance and we were uncertain of who would own the building at the time of the bid submittal or bid award.

RESULTS ACHIEVED

Citizens Insurance                                  263,000 RSF

C2C Solutions                                            30,381 RSF

C2C Solutions                                            15,588 RSF

Executive Suites Professionals                    11,000 RSF

Liles, Gavin, & George PA                               5,876 RSF

 

EverBank Center

Efforts produced three (3) full floor or larger users, several partial floor users, and existing tenant expansions, all taking the building to 90% occupancy.

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