Jacksonville University's College of Law finalized a lease last year in the historic 121 Atlantic Place building in Jacksonville, Florida, establishing itself as the 12th law school in Florida and the first to open in the state in more than 20 years. It is also the first new law school to open in the United States in nearly a decade.
The school's decision to establish a permanent presence in the heart of downtown not only absorbs vacant space but also introduces a diverse tenant profile to the area. In recognition, the deal earned a 2024 CoStar Impact Award for lease of the year in Jacksonville, as voted on by local judges with knowledge of the market.
The office building was formerly home to Atlantic National Bank and was the tallest in Florida when it was completed in 1909. It will be renamed from 121 Atlantic Place to the JU College of Law.
Lease negotiations took over a year from initial contact to lease signing due to the length of term and complexity of the transaction. The deal required JU to have a first-floor presence in the building within a specified timeframe. To accommodate this requirement, building owner International Management Co. worked with terminating an existing tenant’s lease early and having the company relocate to another building.
The city of Jacksonville’s investment of $6.5 million to help fund the project further underscores the collaborative nature of overcoming challenges and the commitment to revitalize and reinvigorate Jacksonville’s urban core.
About the Deal: Jacksonville University's College of Law agreed to a 15-year lease for 50,000 square feet in the historic 121 Atlantic Place building at 121 W. Forsyth St. The 10-story property was originally built in 1909 and underwent a full renovation and restoration in 1984.
What the Judges Said: "Bringing an academic institution, like Jacksonville University, to downtown Jacksonville is the perfect catalyst all urban cores are looking for; students coming morning, daytime and night to activate a commercial corridor," said Tyler Saldutti, founder and CEO of Prime Realty.
They Made It Happen: John Hodges and Brett McKee of International Management Co. represented the landlord in-house. Christian Harden and Sarah Teagle at NAI Hallmark represented the tenant.