FOR IMMEDIATE RELEASE
January 9, 2004
HARBOR GROUP INTERNATIONAL PURCHASES DOWNTOWN
JACKSONVILLE OFFICE TOWER
 Harbor
Group International (HGI) of Norfolk, Virginia, and a New
York-based corporate investor have acquired the 348,852
square foot, 22-story One Enterprise Center in downtown
Jacksonville, Florida.
An affiliate of HGI in a joint venture with a corporate
investor purchased the property and its accompanying 1,029-space
parking garage from Faison Enterprises, Inc., at a purchase
price of $45,250,000. The joint venture recently sold its
property in Washington, D.C. and purchased One Enterprise
Center as part of a 1031 tax-deferred exchange.
“One Enterprise Center is a key Class A tower anchored
by a prominent bank in a growing downtown market,” said
Sid Bridge, Harbor Group International Spokesman. “Such
buildings are an important component of Harbor Group International’s
acquisition strategy.”
Built in 1986, the property is currently 94% occupied.
Wachovia Bank occupies approximately 44% of the building
on a long-term lease. In addition to Wachovia Bank, the
property’s tenant roster includes Craig IS, the law
firm of Smith Hulsey & Busey, CB Richard Ellis, FPIC
Insurance Group, and the law firm of Anderson St. Denis & Glenn,
PA.
One Enterprise Center has an irreplaceable location in
downtown Jacksonville, with unobstructed views of the St.
Johns River. The Property is connected to the Omni Hotel
and is adjacent to the Automated Skyway Express, Jacksonville’s
elevated mass transit system serving the downtown area.
The overall Jacksonville office market consists of more
than 21 million square feet of multi-tenant office space.
The Downtown Jacksonville office market accounts for over
35% or 7.4 million square feet of the entire market. Downtown
Jacksonville is currently undergoing a major redevelopment
including: the new Alltel Stadium, home of the NFL Jaguars
and a new 16,000-seat sports and entertainment arena. In
addition, the area is preparing to host the National Football
League’s 2005 Super Bowl.
The property represents HGI’s first major acquisition
of 2004. In the past two years, the company has acquired
nearly $350 million in real estate divided among more than
2,500 multifamily units and more than 2 million square
feet of office property. Also in the past two years, HGI
successfully sold 16 properties for more than $120 million.
The acquisition of One Enterprise Center continues HGI’s
aggressive acquisition strategy of the past few years.
HGI has acquired other prominent CBD office properties
such as State House Square in Hartford, Connecticut; Wachovia
Tower in Baltimore, Maryland; PNC Center in Cincinnati;
Ohio, SunTrust Bank Building in Nashville, Tennessee; and
National City Center in Indianapolis, Indiana.
Harbor Group International currently owns $850 million
worth of properties in 15 states in the United States as
well as in two different countries.
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