JACKSONVILLE, FL—The iconic Bank of America Tower here has been sold by Parmenter Realty Partners of Miami to Hertz Investment Group of Santa Monica, CA for $88 million.

The 42-story, granite cladded, office tower comprises 696,672 square feet, and has been Jacksonville's skyline landmark since its completion in 1990. Jubeen Vaghefi and Jeff Morris of JLL represented Parmenter in the sale.

“During our ownership of the Bank of America Tower, we made significant improvements on the building's sustainability, and the building became the first office tower in Jacksonville to achieve LEED™ certification in 2011,” says Darryl Parmenter, chairman and CEO of Parmenter Realty Partners. “Our investment in a number of physical and procedural improvements, and undertaking energy conservation measures, resulted in measurable utility savings for the building.”

The LEED-certified office building received the BOMA's “The Outstanding Building of the Year” award nine times in the last 15 years. The building also received BOMA's “The Best of the Best” in 2002, BOMA's “7 Point Challenge,” and the prestigious “BOMA 360” designation.

Juda Hertz, chairman and CEO of Hertz Investment Group, says of the deal, “We are very excited to acquire Bank of America Tower, the city's newest and most modern office building. Its majestic architecture and impressive height five the tower a stately presence and it definitely transcends the market. This is one of our finest buildings.

Jim Ingram, executive vice president and CIO of Hertz Investment adds, “This acquisition perfectly matches our criteria of 'Best in Class' CBD assets in secondary markets. WE look forward to being open for business in Bank of America Tower, which is home to the best regional and national tenants in the city.”