Marianna considered for call center

The old Sallie Mae call center on U.S. Highway 90 in Marianna may soon reopen with a new call center. Grace Realty Group says it is negotiating with two different call centers interested in the location.

By: By KATE McCARDELL Floridan Staff Writer | Jackson County Floridan
Published: February 26, 2009

If negotiations are successful, Jackson County could see more than 300 new jobs created in Marianna.
Manager for Grace Realty Group Inc. Byron Ward confirmed that the group is negotiating with two different call centers interested in the former Sallie Mae location off U.S. Highway 90 in the Crossroads shopping center.
“We have had numerous inquiries on the call center (building) and those continue to happen every day,” Ward said. “We do not have any deal set in stone with anyone. We are negotiating with people ... two separate call centers right now. If we could lock either one of them in, it would certainly bring in over 300 jobs.”
According to a press release from Grace Realty Group Inc. of Ft. Lauderdale, the group recently completed build out construction for new tenants to occupy a total of 17,050 subdivided square feet in the 93,600 square foot building.
“Grace Realty Group is presently negotiating with another call center operator in Washington, D.C., interested in relocating their operations. They need 50,000 to 70,000 square feet of space, which would nearly fill out the project, and the build out cost would be minimal,” the press release said.
The news release went on to say that the new call center would bring more than 375 jobs to the area.
The building was bought from student loan company Sallie Mae by Grace Realty in 2008. Sallie Mae used it as a 900-seat call center for several years before consolidating regional operations and vacating the Marianna building.
Usable call center infrastructure is still in the building.
Grace Realty purchased the building for $1.85 million, or $19.76 per square foot.
“It would cost about $110 per square foot to rebuild, plus the land valued at $175,000 per acre. To break even, (Grace Realty Group) needs to lease 35,000 square feet, out of a total of 93,600, or about 37 percent occupancy. Because it was purchased so cheaply, no other landlords in the area can compete with their rental rates and still make money,” the press release said.
According to the release, once the property is fully leased, Grace Realty intends to sell or refinance, depending on economic conditions.