Aetna considering move from Southbank to Suburbs

[KenFSU]

By way of the Daily Record:

Aetna considering move from Southbank to suburbs

Aetna has a decision to make — one that might have the insurance giant leaving Downtown.

It can keep its 840 employees and possible expansion on the Southbank or pack up and move to a suburban site once its lease expires Aug. 31, 2017.

As it stands, the suburban option might be more lucrative.

There is a "substantial" financial gap between the two offers, according to a city report. It's one Downtown Investment Authority CEO Aundra Wallace said comes in at around "a few million."

Full article at:
http://www.jaxdailyrecord.com/showstory.php?Story_id=547307

[KenFSU]

That's over a thousand jobs, post-expansion.

[vicupstate]

What Square footage or percentage of the building does Aetna take up?

[thelakelander]

Sounds like they're headed to the Southside....

[David]

It's the train's fault.

[dp8541]

The article doesn't disclose the location in Southside but I know they are looking at the BOA complex by the Avenues mall (which BOA has been actively marketing for awhile now).

[UNFurbanist]

So much progress and then something like this happens....

[spuwho]

The article doesn't disclose the location in Southside but I know they are looking at the BOA complex by the Avenues mall (which BOA has been actively marketing for awhile now).

BAC sold the Southside Campus a few years ago but have notified JLL that they are not going to pursue any of the excess space post consolidation.

Tax Defense has already leased space and moved in and the owners are getting ready to build a new parking garage between Building 400 and the Best Buy.

The campus does have some built in features somewhat unique to an office park.

- A full service day care
- Full onsite cafeteria with catering services
- Complete backup power generation
- Close access to 3 major highways (95/295E/295W)
- Surrounded by retail (including lots of car dealers)
- 2 parking garages (soon to be 3)

Word on the street is that the Bank of America sign on Southside is getting replaced with a office park sign and there is talk of who is getting signage rights on Building 100 (the tall one at the entrance)

[Downtown Osprey]

one step forward. 2,000000000 steps back. shit never changes around here.

[Houseboat Mike]

When Barnett built the campus in the late 80'/early 90's, it was the same time as they built 50 Laura. And they owned both. When NationsBank bought them, they acquired both. However Nations didn't want to own real estate, so they promptly sold both 50 Laura and the Campus. Then Nations bought Bank Of America, and retained the BOA name. (Nations bought BOA, not the other way around)

Just some useless trivia I had banging around in my brain.

[thelakelander]

one step forward. 2,000000000 steps back. shit never changes around here.

That's the world we live in. There's always going to be competition. Downtown has to grow and revitalize to become a place that people want to be, regardless of the cost to operate. It is what it is.

[spuwho]

When Barnett built the campus in the late 80'/early 90's, it was the same time as they built 50 Laura. And they owned both. When NationsBank bought them, they acquired both. However Nations didn't want to own real estate, so they promptly sold both 50 Laura and the Campus. Then Nations bought Bank Of America, and retained the BOA name. (Nations bought BOA, not the other way around)

Just some useless trivia I had banging around in my brain.

No worries. It has little to do with what was Nations now.

BAC may list their HQ as Charlotte, but in reality they are run out of BOAT (Bank of America Tower) in downtown NYC. It's a weird charade they have been promoting for awhile now.

Insurance companies (like Aetna) tend to have similar facility requirements as banks, so the fact they are kicking the tires on 9000 Southside is not a surprise at all.

[vicupstate]

Why is the cost so much lower in the burbs?  I thought the DT rates were lower than the suburbs (which is the opposite of most cities)?  Is the cost difference just paying for structured parking ?

[Tacachale]

Probably a few things. The vacated Southside location just may be willing to cut them a cheaper deal. Especially as Aetna is looking to expand.

[thelakelander]

^Yeah. It sounds the complete opposite of the Citizens deal.  In the Citizens case, EverBank Center's landlord offered them a deal that the burbs couldn't beat. For some property owners, filling a big chunk of empty space at a lower lease rate is better than it sitting empty hoping that someone will eventually come in at a much higher rate.