JACKSONVILLE, Fla.–As CUToday.info reported, VyStar Credit Union announced plans to buy the SunTrust Tower in downtown Jacksonville and move its headquarters and up to 700 employees into the 23-story building. The SunTrust tower is highly visible on the city’s skyline and is adjacent to the St. John’s River.
A new report from the Jacksonville Daily Record shows the credit union paid $59 million for the building in a sale that closed last week.
The Jacksonville-based VyStar intends to put its name on the building, the Daily Record said.
In a previous report VyStar President and CEO Brian Wolfburg told the publication the credit union’s growth necessitated a move and the cost of buying the high-rise was more economical than building a campus, which had been under consideration.
SunTrust Bank, whose name currently appears on the building, will continue to lease space in the office tower.