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Christian Oldenburg speaks on JEA's headquarters move

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The old and the chosen new JEA headquarters sites are just a few blocks from each other, less than a half-mile walk

Their close proximity tempers some of the immediate tangible economic benefits the new JEA headquarters may bring.

A company the size of JEA moving to the urban core from elsewhere would bring hundreds of new customers for restaurants, bars and shops. But many of the 760 utility employees making the short move are likely already eating or shopping at businesses near the West Adams Street location.

While the project doesn’t contribute to the residential density that Jacksonville’s urban core needs, it adds to the intangible feeling of progress.

When Ryan Companies begins work on the $72 million headquarters, the activity will be a sign that Jacksonville’s urban core is continuing its renaissance.

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Christian Oldenburg, managing director of Colliers International Northeast Florida, said the courthouse's move generated a little more interest in land "out that direction". "The reality is things take time to take root", says Oldenburg.

 It was critical that JEA decided to remain in the urban core versus heading to the suburbs. That loss would have been devastating at a time when Downtown is enjoying some long-awaited momentum.

Oldenburg said he it would have been nice to see JEA select Lot J and “hopefully get some momentum in that direction. But I understand that JEA’s job isn’t really to advance Downtown development... They have to make the decision best for their business.”

He believes Lot J developers saw JEA’s headquarters as an opportunity to “jumpstart” their project. “In the long run, provided they stick to it, there could be potentially another opportunity,” he said. “Maybe a better opportunity.”

Oldenburg said he understood why JEA decided to build a new headquarters but ideally would have liked the utility to absorb some of the current vacancy to reduce the vacancy rate and help stabilize the market.

Read more on the impact of JEA's headquarter relocation here.

Source: jacksonville.com | Marilyn Young


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Christian Oldenburg

Executive Managing Director, North Florida

Jacksonville

Christian Oldenburg is a dynamic commercial real estate executive with 17 years of experience and total transaction involvement in excess of $1 billion. As the Managing Director of Colliers International Northeast Florida, Christian is responsible for all aspects of Colliers’ operations in the North Florida region, with a focus on financial management, development of human capital and new business generation. Christian leads a team of 35 brokers and 15 support staff who are focused on advising clients who wish to sell, purchase or lease retail, office, medical, industrial, land and multifamily assets. Christian also collaborates with the firm’s Real Estate Management Services and Valuation and Advisory divisions on identifying and sourcing new business opportunities.


Christian’s real estate career began with Northmarq Capital as an Investment Analyst, a role in which he assisted in placing more than $350 million in debt and equity financing. He further developed his career with Regency Centers, where he held multiple financial and operational roles over his ten-year tenure culminating as Vice President of National Property Operations. Most recently Christian served as Senior Vice President of Block One Ventures – the real estate investment arm of a significant local family office. In that role, he oversaw all aspects of the company’s operations with a focus on ground-up development and asset management of land and multifamily assets valued around $300 million.

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