Transwestern closed the $24.47 million sale of an 18-story renovated downtown Jacksonville office tower that's about four blocks from the civil courthouse.

Ash Properties, a Jacksonville-based commercial real estate development and management company, bought the 285,497-square-foot BB&T Tower through affiliate Talara Investment Group LLC from LNR Partners LLC, the Miami Beach-based special servicer, through the Ten-X online auction website.

Transwestern managing director John Bell in Miami closed the sale July 24 on behalf of the seller.

The property generated heavy interest in part because of growth in Jacksonville's central business district and LNR's renovation work following foreclosure.

LNR arranged $3.87 million in upgrades, including an elevator modernization program. The sale included a 700-place parking garage linked by tunnel to the tower.

Also, downtown Jacksonville has grown as a live-work-entertainment destination. That makes it a more desirable office location for new hires and, in turn, a more desirable location for the tower owner.

“A lot of corporate tenants are located in Jacksonville, and they like to hire young people, millennials. And more often than not, and that's a gross generalization, you are seeing that that (a downtown location) is more attractive to hire talent than it is to be in suburban location,” Bell said.

The BB&T Tower offering produced about 300 confidentiality agreements from prospective buyers. The building at 200 W. Forsyth St. is a short walk from the courthouse at 501 Adams St.

Law firms Marshall Dennehey Warner Coleman & Goggin, Constangy Brooks Smith & Prophete and Edwards Cohen have offices in the tower northeast of the Interstate 95/Interstate 10 interchange. Other tenants include BB&T and the Jacksonville Business Journal.

The tower built in 1975 was 63 percent occupied at the time of sale, and new owner Ash Properties is expected to add tenants as it plans further renovations, Bell said.

The deal breaks down to $85.70 per square foot.