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TPG Real Estate Partners Proposes Development at Butler Plaza

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Aerial view of Butler Plaza in Jacksonville showing office buildings and landscape.

News Summary

TPG Real Estate Partners Investments LLC seeks approval for a Planned Unit Development at Butler Plaza in Jacksonville, rezoning the property from Industrial to PUD. The City Council will review the request at upcoming public hearings. The proposed plan involves dividing the site into parcels for commercial development, enhancing local investment and business opportunities.

Jacksonville – TPG Real Estate Partners Investments LLC, a San Francisco-based investment firm, is seeking approval for a Planned Unit Development (PUD) at the Butler Plaza property located at the intersection of Belfort Road and Butler Boulevard. The proposal, which aims to rezone the 16.47-acre property from Industrial Business Park District to PUD, will allow for the subdivision and potential sale of the existing office buildings on-site to individual owners.

The Jacksonville City Council is set to review the rezoning request, identified as Ordinance 2025-0450, during public hearings scheduled for August 12. A subsequent review will occur at the Council Land Use and Zoning Committee on August 19. Both meetings will take place at 5 p.m. at City Hall, located at 117 W. Duval St. in Downtown Jacksonville.

The Butler Plaza currently comprises three office buildings: Building 1 at 4899 Belfort Road, which houses the Wounded Warrior Project, Building 2 at 4887 Belfort Road, and Building 4 at 4875 Belfort Road. In total, the property encompasses nearly 262,000 square feet of office space. TPG acquired the property through its subsidiary, Jacksonville Butler PropCo LLC, for $37.9 million in December 2019 from Greenfield Partners.

According to TPG’s application, the property would be divided into three parcels, with plans indicating a proposed commercial development of 500,000 square feet. The civil engineering for the project is being managed by England-Thims & Miller Inc., while the law firm Driver, McAfee Hawthorne & Diebenow serves as the project agent. Both entities are based in Jacksonville.

Details on the existing buildings include:

  • Building 1 (4899 Belfort Road): 86,929 square feet, constructed in 1999, currently leasing Suite 300 to the Wounded Warrior Project.
  • Building 2 (4887 Belfort Road): 87,433 square feet, built in 2001.
  • Building 4 (4875 Belfort Road): 87,433 square feet, built in 2008.
  • A smaller utility building (Building 3) is also located on the site.

The property is strategically situated east of Belfort Road, sandwiched between Butler Boulevard and AC Skinner Parkway. According to the Duval County Property Appraiser’s records, the property size is indicated as 16.9 acres, slightly larger than the 16.47 acres mentioned in the rezoning application.

TPG Real Estate Partners, established in 1992, is a prominent global alternative asset management firm currently managing around $258 billion in assets. The firm’s history with the Butler Plaza dates back to a portfolio transaction in December 2013, where the property was originally acquired by Greenfield Partners from Liberty Property Trust for $65.8 million. After years of ownership, Greenfield Partners then sold the property to TPG for $37.9 million.

The push for a Planned Unit Development at such a location signifies TPG’s commitment to maximizing the commercial potential of the Butler Plaza, as well as its ongoing investment strategy in Jacksonville. The outcome of the upcoming public hearings and City Council discussions will determine the future of this significant property, as well as the implications for local businesses and the community.

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