FRIDAY October 4, 2019
Public legal notices begin on page 4
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Daily Record JACKSONVILLE
THE MATHIS REPORT
Macquarie Group CEO likes city’s talent pool
Daily Record JACKSONVILLE
Metro Square rebranding as San Marco East Plaza
Australia-based company expands its Jacksonville global financial services office to 272 employees.
Daily Record Daily Record JACKSONVILLE
BY MARK BASCH CONTRIBUTING WRITER
KAREN BRUNE MATHIS EDITOR
JACKSONVILLE
The new owners plan $10 million in upgrades to office park along Philips Highway at Emerson Street.
New owners are rebranding the 59-year-old Metro Square office park as San Marco East Plaza and investing $10 million into upgrades. “By renaming the commercial anchor of the southern-most point of San Marco East, we are putting a stake in the ground,” said Jud Pankey, founder and CEO of Dallas-based Prescott Group. San Marco East is the milelong corridor of Philips Highway from San Marco to Emerson Street that property owners want to revitalize. They formed as the San Marco East Business Association. San Marco East Plaza is at northeast Philips Highway and Emerson Street, off Interstate 95. Prescott Group acquired the 38-acre property at 3563 Philips Highway early this year. It comprises 470,000 square feet of office and retail space among eight buildings. It retained Meek Development Group as the property manager. San Marco East Plaza is 86
Photo by Karen Brune Mathis
Jud Pankey, founder and CEO of Dallas-based Prescott Group, announces the rebranding Thursday to tenants at Metro Square, now called San Marco East Plaza.
percent leased to tenants that include Baptist Health, Wells Fargo, First American Title, The Edge Rock Gym, Excel Church and the Jacksonville Ice & Sportsplex. By early 2020, the office park will be up to 94 percent leased with the addition of RF-Smart. The Jacksonville-based global software company signed a lease for 42,000 square feet to relocate its headquarters from the Southbank. The city is reviewing a permit for a $1.1 million renovation of the space in Building F for RFSmart.
That will leave about 24,000 square feet available for lease in San Marco East Plaza. Prescott is a real estate investment, debt resolution and asset management firm that specializes in commercial development and redevelopment. Prescott bought Metro Square this year in a foreclosure sale, bidding $5,800 and assuming the $57.9 million debt on the property. The certificate of title was transferred March 11. “We understand urban infill, so Metro Square met all of the criteria and the transaction process led us to where we are
today, owning it fee simple and looking at how to redevelop it,” Pankey said. Commonwealth Annuity and Life Insurance Co. issued a $27 million mortgage to Prescott on March 28. Prescott has invested $4 million in renovations, with $2 million of that for roof replacements. “We’re working on capital improvements that the lender was not able to do, rebranding it, repositioning it, working with all of the existing tenants SEE MATHIS, PAGE 2
Macquarie Group Ltd. CEO Shemara Wikramanayake visited Jacksonville for the first time last week, but she already knew a lot about the city. Wikramanayake was promoted to chief executive last year, but she has worked at the Australia-based financial services company for more than 30 years and was a member of the executive com- Wikramanayake mittee that decided in 2015 to establish a global financial services office in Jacksonville. “I was involved in the decision,” said Wikramanayake during her visit to the office in the Riverplace Tower at 1301 Riverplace Blvd. on the Southbank. “We thought there was a really good talent pool here,” she said. Macquarie has been so impressed with the Northeast Florida workforce that the company has expanded well beyond its initial agreement with the city to create 123 jobs. The office has 272 employees, growing by 38% in the past year alone, with 85% of SEE MACQUARIE, PAGE 2
VyStar, SoFi issued permits for office projects The city issued permits Wednesday for two office building projects. One is for VyStar Credit Union’s $15.31 million renovation of its seven-story 100 W. Bay St. building. It will house part of the company’s headquarters. The city also issued a permit for build-out for SoFi on a floor in Town Center Two, right, at 5335 Town Center Parkway at a cost of $1.5 million.
VOLUME 106, NO. 226 • ONE SECTION