JACKSONVILLE, Fla.–VyStar Credit Union has announced plans to buy the SunTrust Tower in downtown Jacksvonille 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.
When anchor tenant SunTrust’s lease expires in July 2019, Jacksonville-based VyStar intends to put its name on the building, according to the Jacksonville Daily Record.
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. Wolfburg declined to say how much the credit union plans to pay for the building.
“This ended up being a better deal. It is an outstanding building,” Wolfburg was quoted as saying.
Wolfburg told the Jacksonville Daily Record the credit union did not ask for incentives, although the city is assisting in addressing parking concerns. The purchase includes the 600-space parking garage next door.
VyStar initially will use 300 to 400 of those spaces, but will need more spots as it moves employees downtown.
Wolfburg said the move should start within six months and be completed in 18 months, according to the Daily Record.
Plans call for VyStar to maintain the leases in the building and evaluate each as it comes due. There is about 110,000 square feet available in the lower floors and some on the upper floors that VyStar plans to use.
SunTrust plans to keep 35,000 square feet of space for itself.
VyStar has 1,400 employees, $7.5 billion in assets and approximately 600,000 members.