PwC Jacksonville renews lease at VyStar Tower, keeping 200-plus employees downtown amid high vacancy rates (Courtesy of the Jacksonville Business Journal) — One of Downtown Jacksonville’s renovated office towers has locked in another notable win.
PwC Jacksonville has renewed its lease at VyStar Tower, keeping more than 200 employees at 76 S. Laura St. in the central business district and underscoring a broader trend in downtown’s office market: buildings that have undergone major upgrades are continuing to retain and attract tenants, while older properties with fewer improvements face mounting pressure.
That dynamic has become increasingly visible across the urban core. VyStar Tower, a 1989-built office building, has undergone a substantial refresh in recent years, with 17 building permits totaling about $35 million between 2019 and 2024. And at Bank of America Tower — another downtown property that has remained competitive after significant reinvestment — ownership is now preparing for another multimillion-dollar renovation that will also bring downtown’s first Starbucks to the ground floor.
The contrast matters at a time when downtown office vacancy remains elevated. Vacancy in the CBD is hovering near 30%, according to CBRE, underscoring how much the flight to quality has shaped leasing decisions in Jacksonville’s urban core.
Another updated and successful building, Bank of America Tower, located at 50 N. Laura St., is slated to undergo a multi-million dollar renovation. The city’s tallest tower, which reaches approximately 620 feet, will also get downtown’s first Starbucks as a new ground floor tenant.
PwC Jacksonville Office Managing Partner Nadar Farhat shared the lease renewal on LinkedIn, noting the firm has maintained a downtown presence since the 1998 merger of Coopers & Lybrand and Price Waterhouse.
“As we look ahead, we’re also investing in our people and how we work. We are beginning renovations to our office space to better support collaboration, flexibility, and a renewed sense of connection—while staying rooted in the same downtown we’ve long called home,” Farhat said. “Our commitment to Jacksonville’s urban core has not changed. In fact, it’s strengthened by the momentum we see around us—from Gateway Jax’s Pearl Street development to the new Jacksonville Jaguars office building, stadium and Four Seasons Hotel, as well as the University of Florida new campus, and continued investment from groups like JWB Real Estate Capital and Corner Lot.”
Photo courtesy of Todd Van