New York City-based Citigroup Inc. said through a spokesperson Jan. 23 that the sale Jan. 17 of its Jacksonville office campus is a business decision, and not a cut in its employment as workers continue hybrid schedules.
A deed recorded Jan. 23 with the Duval County Clerk of Court shows a purchase price of $24 million and a mortgage of $27.81 million.
“Citi currently has about 4,000 employees in the Jacksonville area with plans for growth over the next 2 years,” the spokesperson said by email.
“Citi remains committed to the Jacksonville area and is not reducing our workforce in the area.”
The Wideman Co. of Orlando announced Jan. 22 that it bought Citigroup’s 73.4-acre Southside Jacksonville campus but did not disclose the purchase price.
The property is assessed at $68.5 million for tax purposes.
The deed recorded as of 10 a.m. Jan. 23 with the Duval County Clerk of Court shows a $24 million sale by Citigroup Technology Inc. to Jax LC Owner 2 LLC, which then deeded a portion of the property to Jax LC Owner 1 LLC and Jax LC Owner 3 LLC.
Separately, a $27.82 million mortgage was recorded by UMB Bank N.A. Trustee of Salt Lake City to Jax LC Owner 1 LC.
The Wideman Co. bought Citigroup’s campus at 14000 Citicards Way in Flagler Center, which is south of Old St. Augustine Road between Interstate 95 and Philips Highway.
“As part of ongoing efforts to optimize our facilities, Citi recently entered into a purchase and sale agreement for our Jacksonville campus,” the Citi spokesperson said.
“As part of this agreement, Citi will lease back a portion of the facility from the new owner. While our employees continue to enjoy a hybrid working environment, this decision allows us to rationalize our space, creating an optimal work environment when our teams are in the office together.”
According to a property map in the Citi lease agreement, the campus comprises buildings A, B, C, D and F.
Citi will lease a portion of the first floor of Building A and the first floor of Building B for 15 years with extensions available.
The campus, built in 2005, comprises four buildings that total more than 530,000 square feet of space.
The announcement said that three buildings, totaling 491,386 square feet, are used for offices, and a fourth is an amenity center with a food hall, outdoor dining and a conference facility.
The announcement said Citigroup will continue occupying about 230,000 square feet of office space.
The other 260,000 square feet of space is being offered to new tenants. Chuck Diebel at Colliers International is handling leasing for the property.
Citigroup has operated a major credit card operations center in Jacksonville since 1997, when it bought AT&T’s Universal Card business.
In 2005, Citi Cards moved its operation from Deerwood Center to a new campus in Flagler Center.