Innovation Park in Jacksonville, FL
JACKSONVILLE, FL—A year after the complex's sole tenant vacated its space, the ownership of the Innovation Park here has signed its second major lease transaction that now brings the property's occupancy to 70%.
Intuition, LLC has signed a 36,299-square-foot lease at Innovation Park at 6735 Southpoint Drive South in Jacksonville's Southside submarket. Intuition, LLC, which also has offices in Clearwater and Tallahassee, FL and Tempe, AZ, will relocate 175 employees from its current Jacksonville offices at 9428 Baymeadows Rd. to the complex in the fourth quarter of this year. The business services company provides solutions for jurisdictions, government entities and private industries.
Chuck Diebel, Wade Powers, Matt Entriken and Bob Selton of Colliers International Northeast Florida represented the landlord— SUS Holdings, LLC—in the transaction. Scott Henley of Newmark Grubb/Phoenix Realty Group represented Intuition LLC in the deal. SUS Holdings is an affiliate of Orlando, FL-based Susquehanna Holdings.
In March 2018, CSX vacated its lease at what was Jacksonville's South Point office park. Since then, property owner renamed the property Innovation Park and embarked on a $2-million capital improvement program. Last year, the campaign bore fruit when Genpact signed a lease for 100,000 square feet at the 275,000-square-foot complex. Colliers' Diebel says, “Genpact still holds the lease for the space, but has not taken occupancy. The space is now on the market for sublease.”
“Since CSX vacated its lease at the property last year, the office complex has undergone a transformation. Our team has enjoyed working with the ownership to sign new tenants such as Intuition, LLC,” says Colliers' Diebel. “The large and efficient floor plan will allow Intuition to consolidate its operations on one floor. The amenities and upgrades were designed to attract best-in-class, technology-focused companies like Intuition. With a high degree of interest in the limited remaining space, it is clear that the owner's investment in the property has paid off.”
CSX had been the sole tenant at the property for more than 25 years.
The capital improvement program, which is nearing completion, includes the redevelopment of the plaza area, roundabout and site parking; lobby, corridor and atrium renovations; installation of exterior lounge seating and food truck power hook-ups; new roofs and HVAC systems; and redundancy, including 100% back-up power.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
