Prudential Sells Jacksonville Tower

701 San Marco Blvd.

The Prudential Insurance Co. of America has completed the sale of 701 San Marco, a 19-story Class A office tower at 701 San Marco Blvd. in Jacksonville, Fla.

Bradford Allen Investment Advisors bought the property for an undisclosed amount. A JLL Capital Markets team represented Prudential in the transaction.

701 San Marco was constructed in 1985 and hosts 658,822 square feet of Class A office space, with 187,929 square feet available for lease and an additional 3,900 square feet for retail use, according to CommercialEdge data.

Occupants include the building’s former owner, The U.S. General Services Administration, FIS Relius, The U.S. Army Corps. of Engineers and Home Depot. Amenities include conference rooms, a cafeteria, ground floor restaurant space and a 1,277-space parking garage. The complex is located adjacent to Jacksonville’s South Main St., overlooking the St. John’s River and is within 1 mile of downtown Jacksonville, with quick access to many restaurants, shops and cultural sites.

Jacksonville’s journey to the top

The sale of 701 San Marco takes place as Florida remains a magnet for corporate relocations and commercial real estate investment. Jacksonville, Miami and Tampa continue to see strong office leasing activity for both vacant and new space. Such moves are motivated in part by the state’s lower taxes and less intensive regulations, as well as its warm weather. Jacksonville, for its part, has seen strong leasing and construction activity amid ongoing migration to the city, with more than 941,699 square feet of space being leased year-to-date and 228,764 square feet of space in its construction pipeline, according to data from JLL and a second quarter 2022 report from Avison Young.

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The JLL team was led by Senior Vice President Peter Politi, Senior Managing Director Herman Rodriguez, Senior Director Robbie McEwan, Managing Director Ike Ojala and Director Matthew McCormack.

Putting these trends in context, McEwan said in prepared remarks that strong market fundamentals, a steady commercial office base, a growing workforce and favorable demographics continue to support Southbank’s growth into one of the strongest submarkets in Jacksonville.