New JEA headquarters in Jacksonville sells before employees even move in

Alexandria Mansfield, Florida Times-Union
2 min read
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The new JEA headquarters building is at 225 Pearl St. in downtown Jacksonville.
The new JEA headquarters building is at 225 Pearl St. in downtown Jacksonville.

The new, seven-story JEA headquarters building in downtown Jacksonville sold to Colorado-based Real Capital Solutions on Friday.

Ryan Companies Inc., a national commercial real estate solutions provider, owned the 153,000-square-foot building prior to the sale and will continue to manage it on behalf of the new owner.

Since June 2019, Ryan has been working on the office building at 225 N. Pearl St. as developer, designer, contractor and landlord, said Ryan Companies Southeast Regional President Doug Dieck.

“Ryan does a lot of things,” Dieck said. “Ryan has built a great relationship with JEA and has been selected and will be managing the building for our buyer.”

Previously reported: New $75 million JEA headquarters slated for completion in mid-October

Other downtown developments: Fortune 500 company FIS opens new Jacksonville headquarters in Riverside

The new JEA headquarters building located at 225 Pearl St. in downtown Jacksonville.
The new JEA headquarters building located at 225 Pearl St. in downtown Jacksonville.

There are two real estate development strategies Ryan employs, Dieck said: developing and holding a space long-term or developing and selling a space to long-term holders.

“We do both, and we chose to sell to long-term holders this time,” he said. “It has nothing to do with JEA or the market.”

JEA is expected to start “a slow move-in” next week to make sure all systems are in place before bringing the team over, Dieck said. JEA will do this over the next couple of months and should be fully moved in by the end of the first quarter of 2023.

JEA will have a 20-year lease at this property.

The new JEA headquarters building located at 225 Pearl St. in downtown Jacksonville.
The new JEA headquarters building located at 225 Pearl St. in downtown Jacksonville.

The new JEA headquarters is planned for Leadership in Energy and Environmental Design (LEED) gold certification and features multiple workspaces and access to outdoor spaces with views of the Duval County Courthouse lawn, the St. Johns River and James Weldon Johnson Park.

“The community should be very proud of JEA’s approach here and how they dealt with us through the process and held us accountable for living up to the terms of the lease and maximizing the value of the building,” Dieck said.

At the beginning development stages, Ryan had not yet decided whether it would sell or hold the building, and JEA did not establish “any constraints… as far as when we would be able to sell or who we would sell to,” Dieck said.

JEA, Jacksonville's community-owned electric, water and sewer utility, was headquartered in downtown Jacksonville.
JEA, Jacksonville's community-owned electric, water and sewer utility, was headquartered in downtown Jacksonville.

Real Capital Solutions has been a real estate investment firm for over 35 years and has partnered with Ryan on several transactions for the past decade, according to a Friday news release about the sale.

Dieck said Ryan has sold several projects to Real Capital Solutions and has a good relationship with the firm.

“They do not have a property management group so they are relying on us to stay close to the customer and stay close to JEA,” Dieck said.

This article originally appeared on Florida Times-Union: New JEA headquarters in Jacksonville sells to Colorado real estate firm

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