Leases almost 75 percent of the structure
The Jacksonville-based transportation company leases almost 75 percent of the structure, which sits next to its riverfront headquarters at 500 Water St.
Should a sale take place by year-end, it would be the sixth Downtown high-rise to be sold within a year.
On the Southbank, Riverplace Tower was sold in October and the Aetna Building sold in December.
On the Northbank, the Wells Fargo Center was sold in June, the Bank of America Tower in July and EverBank Center in September.
In this case, it appears it would be not only an investment, but a corporately useful one.
Sources said CSX has leased space there for some time, but renewed and greatly expanded the lease in 2011 for 15 years.
The 14-story building comprises 234,310 square feet, according to the Duval County Property Appraiser’s office. CSX occupies 172,000 square feet, or all but three floors.
BP Graham LLC of Birmingham, Ala., bought the building for $23.3 million in October 2007. The structure, built in 1982, carries a 2015 assessed value in progress of $14.25 million and sits on 1.9 acres.
Graham & Company in Jacksonville declined comment.
CSX’s history at the 550 Building, which it’s also called, stretches back more than two decades.