LNR Partners has selected Transwestern to oversee the sale of BB&T Tower. Located in downtown Jacksonville, the 285,487 sq ft, class A office building will be auctioned. The BB&T-anchored asset spans a full city block and is connected by a tunnel to a six-story parking garage across the street, featuring ground-level retail. The 18-story property is listed on Ten-X, an online auction website, with a final call for bids scheduled for May 31.
“Investors have shown interest in BB&T Tower as the property’s recent renovations and increased office demand in the Jacksonville Northbank Central Business District have made it an attractive opportunity,” said John Bell, Transwestern’s managing director, who will facilitate the sale. “With capital improvements addressed, a new ownership group can focus on the lease-up opportunity presented by the current 63 percent occupancy. Additionally, the two surface lots on the site provide added value potential as a redevelopment play for residential or commercial uses.”
