Wednesday , 28 September 2016
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Hertz Pays $88 Million to Buy Tallest Tower in Jacksonville, Fla.

Bank of America Tower, Jacksonville, Fla.

Bank of America Tower, Jacksonville, Fla.

Jacksonville, Fla. —Parmenter Realty Partners, a Miami-based realty firm, has sold the  Bank of America Tower in Jacksonville, Florida for $88 million. The 42-story, granite cladded, trophy office tower comprises 696,672 square feet, and has been Jacksonville’s perennial skyline landmark since its completion in 1990. Jubeen Vaghefi and Jeff Morris of Jones Lang LaSalle represented Parmenter in the sale.

The buyer is Hertz Investment Group, based in Santa Monica, Calif.  Hertz, founded by Judah Hertz, owns dozens of office buildings and downtown properties across the U.S., including the Bank of America Tower in St. Louis.

In Florida, the B of A tower, which is the tallest building in Jacksonville, sold in 1999 for $74.7 million.

“During our ownership of the Bank of America Tower, we made significant improvements on the building’s sustainability, and the building became the first office tower in Jacksonville to achieve LEED certification in 2011,” said Darryl Parmenter, Chairman and Chief Executive Officer of Parmenter Realty Partners.

Parmenter Realty Partners , headquartered in Miami, has three regional offices in Dallas, Atlanta and Washington, D.C.

 

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