The Real Deal Miami

Five Jacksonville office buildings sell for $115 million

The seller, Gramercy Property Trust, had owned the office buildings since 2012
June 04, 2017 12:30PM

The Gramercy Woods office park in Jacksonville

New York City-based Gramercy Property Trust sold five buildings in a Jacksonville office park for $115 million.

The buyer, Ladder Capital Corp., obtained two mortgage loans secured by the five office buildings that total about $82.3 million. The mortgage lender is Ladder Capital Finance LLC.

Gramercy Property Trust had owned the five office buildings since 2012. The biggest tenant of the buildings is Bank of America, which leases about 871,000 square feet of the space at the office park, which totals 1.2 million square feet.

The five buildings are part of the Gramercy Woods office park, a 90-acre commercial property at 9000 Southside Boulevard in Jacksonville.

The office park was built in 1989 for the old Barnett Bank, which Bank of America subsequently acquired.

Founded in 2008, Ladder Capital is based in New York City and has offices in Los Angeles and Boca Raton. [The Daily Record]Mike Seemuth