Los Angeles-based Michael Development Corp. has closed on the $15.2 million purchase of One Enterprise Center in the CBD of Jacksonville. The 22 story, 317,571 square foot office tower is located at 225 Water St. giving it unobstructed water views while being directly connected to a 354 room Omni Hotel. The office and hotel share a parking garage that allows it to offer a parking ratio of 2.26 spaces per 1,000 square feet. The property has been in receivership since May 2015. The U.S. Bank National Association foreclosed on the mortgage of HUB OEC Properties, which bought the high rise for $51.4 million in November 2008. Transwestern Managing Director John Bell negotiated the sale with the buyer.
āThis listing was a rare opportunity to acquire a trophy building with compelling value-add potential. Currently 51 percent leased, the asset is positioned to experience an expedited lease-up with new, long-term ownership,ā said Bell. āUniversally considered one of the top office buildings in the Jacksonville Central Business District, the new ownership is committed to returning the building to its place as downtownās most sought-after business address.ā
