Every year has its share of big deals, but it may be decades before one tops the output of 2024. From surf parks to a new campus for the University of Florida, big deals came all year. The biggest of all was the $1.4 billion deal to renovate EverBank Stadium into the Stadium of the Future and keep the NFL Jacksonville Jaguars in town for decades. Starting today, we begin a look at the biggest deals:
Downtown Jacksonville’s signature tower developed in 1975 for the Independent Life & Accident Insurance Co. headquarters resumed a nod to the name, becoming 1 Independent Square as the property was sold and anchor tenant Wells Fargo downsized, removing its name from the top of 37-story building.
Ownership of the Wells Fargo Center at 1 Independent Drive conveyed the Downtown tower and two parking garages April 22 in a deed-in-lieu of foreclosure at a combined value of $46.35 million.
The deed shows that WFC Lessee LLC, led by Banyan Street Capital LLC of Miami, conveyed the property to AREIT RE WFC LLC. A New York City-based limited liability company led by the CEO of Argentic Investment Management LLC now owns the tower.
In April, owners began negotiating for a new anchor tenant after taking over the property. On July 14, Wells Fargo signage came down.
Banyan Street Capital and real estate firm CBRE are marketing the building as 1 Independent Square: “A New Era for Jacksonville’s Most Iconic Tower.”
Saying it is “the address that defines downtown excellence,” the property leasing brochure says it has “unparalleled naming rights with one of the largest signs on the eastern seaboard.”
“With six full floors available, this represents a once-in-a-generation opportunity to assume the most visible and recognizable signage and naming rights in all of Jacksonville.”
The top two floors feature The River Club, a membership club that offers dining and conference space.