VyStar Credit Union closed on its purchase of the SunTrust Tower building at 76 S. Laura St. on Tuesday, according to the firm that facilitated the sale.
Colliers International Northeast Florida represented the building’s previous owner, Mainstreet Capital Partners, in the $59 million transaction.
VyStar, whose current corporate headquarters building is at 4949 Blanding Blvd., had been seeking out a larger space. The Laura St. building wasn’t actually on the market, but VyStar reached out to MCP and within three weeks a sale agreement had been worked out.
The 23-story building, which will soon be rebranded as VyStar Tower, was designed by KBJ Architects and opened in 1989 as the American Heritage Life Building. It’s also been known as Jacksonville Center and Humana Building during its lifespan. At 357 feet, it is Jax’s sixth-tallest building.
Its previous owners recently completed a three-year, $2 million renovation project to add modern amenities, as well as an adjacent parking garage with a courtyard that now hosts The Court Urban Food Park. Tossgreen also opened in the ground floor last year.
“This transaction is a win-win-win for VyStar Credit Union’s members, our dedicated employees and the Downtown Jacksonville business community,” said Brian E. Wolfburg, VyStar’s president and CEO, via press release.
“Purchasing this tower was the most economical option to ensure our team has a strong home base from which to serve our 615,000 members across Florida. It’s also a visible sign of our commitment to the Jacksonville community as a great place to live, work and play.”
Following the transaction, the building’s occupancy rate stands at 90%. Colliers International Northeast Florida will continue to serve as its leasing agent following the sale.
VyStar expects to complete its move to the building within the next year.