Wells Fargo tower, parking garages sold

By Karen Brune Mathis, Managing Editor, Financial News and Daily Record
Published On: Jun 25 2014 12:54:44 PM EDT
Updated On: Jun 25 2014 01:00:17 PM EDT

JACKSONVILLE, Fla. -

New York and Miami investors have partnered to pay $75.3 million for the Wells Fargo Center, Jacksonville's signature tower on the downtown Northbank riverfront, News4Jax news partner the Financial News and Daily Record reports.

Allegiance Partners of New York paid $44.75 million through Allegiance Jacksonville LLC. Banyan Real Estate Capital of Miami paid $30.55 million through WFC Lessee LLC.

The 37-story tower was built in 1975 as the headquarters for Jacksonville-based Independent Life and Accident Insurance Co. and was long known as the Independent Life Building.

Taking up the 1 Independent Drive city block, the building is considered one of Jacksonville's most-recognized buildings and used in skyline shots of the city.

Allegiance and Banyan also paid a combined $3.7 million for a three-story parking garage at 21 E. Bay St. A nine-story parking garage at 1 W. Bay St. was included in the purchase of the building.

Representatives of the investment companies could not be reached Wednesday morning for comment.

The Wells Fargo Center has been on the market since at least November. It last sold in 1997 for $35.7 million.

Wells Fargo Center was one of three downtown towers on the market. Also for sale are the 42-story Bank of America Tower at 50 N. Laura St. and the 30-story EverBank Center at 301 W. Bay St. The Bank of America Tower is under contract and expected to change hands soon.

Wells Fargo Center began as the Independent Life Building, then became the AccuStaff Building starting in 1998 and later the Modis Building before Wells Fargo became the anchor tenant and marquee name in 2011.

To read the full story, go to the Daily Record's website.

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