FFG Expands Downtown Footprint, Signs 38K Lease in SunTrust Tower
- Jan 11, 2013
Financial services corporation Foundation Financial Group (FFG) is increasing its presence in downtown Jacksonville. The company has signed a lease to occupy 38,000 square foot in the SunTrust Tower.
“FFG has experienced tremendous growth over the last several years and our expansion into the SunTrust building was a strategic move to accommodate that growth,” said FFG Chief Financial Officer, Tanya Mauro. “This lease provides us the opportunity to grow our business and support the city in which we work in live. We are proud to do our part to help rejuvenate downtown Jacksonville and make Northeast Florida more appealing.”
According to a company release, FFG estimates that it will be injecting over $1.5 million into the downtown market over the next three years. Up to now, FFG has been leasing approximately 18,000 square feet in One Enterprise Center on Water Street.
The 23-story SunTrust Tower is a Class A office building which encompasses 383,239 square feet of space and accommodates about 150 people per floor. Built in 1989, the building was last renovated in 2004. Located in the very center of Jacksonville’s downtown central business district, the building offers tenants views of the St. John’s River and places them within walking distance from the Jacksonville Landing and several nearby eateries.
The tower’s current occupancy rate is 41 percent. Once FFG takes possession of the space, the occupancy rate of the building will increase to 50 percent. Owner Parador Partners LLC is confident that, along with FFC’s move, advertisers, lawyers, IT shops and accountants will also be seeking space nearby.
Image via CoStar