Newspaper article The Florida Times Union

Citi Cards Puts Deerwood Building on the Market

Newspaper article The Florida Times Union

Citi Cards Puts Deerwood Building on the Market

Article excerpt

Byline: Karen Brune Mathis, Times-Union senior business writer

Citi Cards, which is developing a $93 million operations campus in Flagler Center, put one of its office buildings and a garage in Deerwood Center on the market.

Citi Cards, part of New York-based financial services giant Citigroup, owns or leases about 600,000 square feet of office space in Deerwood Center along Baymeadows Road, between Interstate 95 and Philips Highway.

Company spokesman Bruce Reid confirmed Wednesday that Citi Cards has enlisted Cushman & Wakefield as the real estate agent to market Citi's five-story, 224,000-square-foot office building and attached six-level parking garage.

Citi will move out of that space when the new operations center is completed in March 2005.

City records show that the property, at 7777 Baymeadows Way W., has an assessed value of almost $19.9 million. Reid said that "the market will help determine the asking price."

Citicorp Credit Services Inc. owns that building as well as a 62,568-square-foot office building nearby at 8230 Baycenter Road, just off Philips Highway, but Reid said the smaller building is not on the market.

Reid said the larger building and garage were built in 1992 and sit on 6.75 acres. The office structure is completely occupied and, if sold, there "could be the possibility of a lease-back arrangement," meaning that Citi Cards could continue operating there until it moved.

Citi Cards leases the remainder of the space it uses in Deerwood Center, about 300,000 square feet among three other buildings.

Citi scheduled a ceremony for 9 a.m. today at the Flagler Center construction site for the new operations and technology center.

The city approved construction recently for Citi to build a three-story, 513,595-square-foot building at 13350 Durbin Blvd. N. and a one-story, 47,080-square-foot building at 13390 Durbin Blvd. …

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