Dun & Bradstreet moving HQ, 500 jobs to Jacksonville

[Ken_FSU]

^Interesting, thanks for sharing!

If they're moving into existing space, I wonder how they justify asking for $21 million in incentives from the City. FIS's $30ish million came mostly in the form of a REV grant. Would it just be a tax abatement on the existing property?

Hope to see them downtown rather than in the burbs.

Just relaying what I heard.  My importance in the world is relatively low... and certain things I'm told are wrong. Guess we'll have a better idea once the legislation is filed.

Looks like you're probably right.

No REV grant.

https://www.jaxdailyrecord.com/article/city-proposes-dollar21-million-in-grants-for-dun-and-bradstreet-headquarters

Thrilled to have D&B headquartering here, but man, that's a pretty fat incentives deal.

$21 million in cash (not tax abatements) from taxpayers, with about $10 million upfront over the next three years.

For context, I think we only paid FIS a $3.5 million cash incentive to build their new HQ here in Jacksonville (plus a $20 million REV grant on future taxes).

[Papa33]

What sorts of things are counted/included in that makes up the "$75 million investment"?  Building construction and buildout?  Salaries?  Business taxes to be paid?  Utilities?  Computers? Desks? Chairs?  I honestly don't know and am asking sincerely.

[BridgeTroll]

Street Cred... 

[Ken_FSU]

What sorts of things are counted/included in that makes up the "$75 million investment"?  Building construction and buildout?  Salaries?  Business taxes to be paid?  Utilities?  Computers? Desks? Chairs?  I honestly don't know and am asking sincerely.

What the Curry camp is telling City Council is that it won't be new construction.

The $75 million investment = $65ish million to purchase an existing building or campus, $10ish million in upgrades to that building.

City contribution = $21 million in cash, including both an upfront $6 million payout for relocation, as well as a $600k retention payout every year for the next 20 years if they agree to not leave Jacksonville ($12 million total for retention).

The remaining $3 million in incentives comes from a $6k grant for each job brought in (500 jobs x $6k = $3 million).

In the same way that the mayor's office is shifty about most things, they're being shifty about the incentives deal, claiming that it's tied to meeting certain job creation thresholds, etc. Seems to me like only about 15% of the total package is tied to said thresholds.

Still glad to see D&B relocating here, while also hoping that city leadership fully understands that the need to hand out tens of millions of dollars in subsidies to spur corporate relocations and private developments while the rest of the Southeast is booming is a massive indictment of their ability to push Jacksonville forward.

[marcuscnelson]

What the Curry camp is telling City Council is that it won't be new construction.

The $75 million investment = $65ish million to purchase an existing building or campus, $10ish million in upgrades to that building.

...how much is the current JEA building?

And man, imagine if we hadn't torn down the old City Hall building on Bay Street and gotten renovations underway that we could then turn over to D&B. Funny how that kind of thing turns out.

[WarDamJagFan]

What sorts of things are counted/included in that makes up the "$75 million investment"?  Building construction and buildout?  Salaries?  Business taxes to be paid?  Utilities?  Computers? Desks? Chairs?  I honestly don't know and am asking sincerely.

Still glad to see D&B relocating here, while also hoping that city leadership fully understands that the need to hand out tens of millions of dollars in subsidies to spur corporate relocations and private developments while the rest of the Southeast is booming is a massive indictment of their ability to push Jacksonville forward.

While true, there's also only so many relocations to go around. Given it's only taken 35 years and counting for the city/DOT to figure out how to create an I-10 @ I-95 interchange, perhaps faster growth would be an even worse problem than slow growth. Meh. Problems everywhere.

[Papa33]

I don't like the term "campus".  That means the suburbs are in play?

[Steve]

I don't like the term "campus".  That means the suburbs are in play?

The Fidelity companies refer to the buildings on Riverside Ave as a "campus".

To Field's point, this would make logical sense if they backfill the FIS space-maybe combined with space in the Florida Blue building.

[thelakelander]

^I hope they do backfill space in Brooklyn as opposed to heading to the Southside.

[Ken_FSU]

Doubt it'll happen if they're looking to backfill, but D&B would be a fantastic office anchor for what Fuqua is planning for the old Times-Union property.

[FlaBoy]

Steinmart Building and additional leftover FIS space in the Prudential Building if needed could make sense as well.

[jaxlongtimer]

Steinmart Building and additional leftover FIS space in the Prudential Building if needed could make sense as well.

Home Depot (formerly Interline) has a big chunk of the Prudential Building and I heard they may have recently expanded their space.  The Army Corps is also in that building.  Of course, Prudential.  So, lots of good sized tenants.  Wonder how much space is really free unless FIS is out before D & B arrives.

Unless Fidelity National, FIS or Black Knight have the necessary space in one of their Riverside Avenue buildings, it seems to me the 300,000 sf Florida Blue has on the market in Riverside would be a good (maybe best) fit for D & B until they are ready for permanent space down the road.  Just think Black Knight would love the proximity to their HQ's. 

Also, with their recent cutbacks, I wonder if TIAA's building in Riverside has much open space.

[JaxAvondale]

If they wanted to buy land to build, they could buy the parking lot in front of the YMCA.

[JPalmer]

Based on a conference call I attended all of the FIS employees who worked at the Prudential office will be WFH until the new office opens (I have just returned to the Riverside office).  I believe the company bought out our lease in the prudential building a while back.

[FlaBoy]

Steinmart Building and additional leftover FIS space in the Prudential Building if needed could make sense as well.

Home Depot (formerly Interline) has a big chunk of the Prudential Building and I heard they may have recently expanded their space.  The Army Corps is also in that building.  Of course, Prudential.  So, lots of good sized tenants.  Wonder how much space is really free unless FIS is out before D & B arrives.

Unless Fidelity National, FIS or Black Knight have the necessary space in one of their Riverside Avenue buildings, it seems to me the 300,000 sf Florida Blue has on the market in Riverside would be a good (maybe best) fit for D & B until they are ready for permanent space down the road.  Just think Black Knight would love the proximity to their HQ's. 

Also, with their recent cutbacks, I wonder if TIAA's building in Riverside has much open space.

I agree. Especially with Black Knight and D&B sharing CEO's, it's likely that D&B takes the FIS space in the current building and find additional space in the Florida Blue Building. Long term, buying the current TIAA Bank on 501 Riverside Avenue there. It would be convenient to Black Knight and FIS with some nice signage options there as well. Certainly, an eco-system of related businesses there is nice in drawing other businesses with spin off concepts.

One other sneaky interesting choice would be the One Enterprise Building there with the nice signage and potential to fit the whole work force in one tower that would be reasonably priced. I still think it's Brooklyn though as close to Black Knight as possible. Would not surprise me if the reason Florida Blue made the moves with updating their space is because they were let in with this deal.