One Energy Place Sells to Local Investors, Reopens as Multi-Tenant Office Building

Pensacola, FL (NewsRadio 92.3) -- One of the most recognizable buildings on the Pensacola waterfront has a new owner — and for the first time in four decades it is opening its doors to more than one tenant.

The sale of One Energy Place at 500 Bayfront Parkway closed July 31st — transitioning the iconic five-story 250,000 square foot building from FPL's single-tenant Northwest Florida headquarters to a multi-tenant Class A office property under new local ownership. The deal was brokered by Michael Carro, Managing Director of SVN Southland Commercial, who represented both the seller and brought the buyer to the table after six years of working with FPL on the property's valuation.

For the community the most significant detail may be the simplest one — the building is staying local. "One Energy Place has anchored the Pensacola bayfront for nearly forty years and it means a great deal that this landmark will remain in local hands," Carro said. "Converting it from a single corporate headquarters into a multi-tenant Class A building opens the door for a range of local and regional businesses to call the waterfront home."

The building was constructed in 1986 as the corporate headquarters of Gulf Power — which had served Northwest Florida since 1926. When Gulf Power merged into Florida Power and Light in 2021 and the Gulf Power name was retired in 2022 the building continued as FPL's Northwest Florida headquarters until being brought to market. Under the new arrangement FPL is staying on the campus as one of the building's tenants.

Leasing activity ahead of the closing was strong. By the time the sale closed 127,000 of the building's 250,000 square feet had already been committed — and Carro says active negotiations on an additional 100,000 square feet are continuing with multiple prospective tenants.

"The reception for this property has been overwhelmingly positive with a lot of leases getting inked prior to closing and a lot of paper continuing to trade hands as we speak," Carro said.

The building sits on 13.38 acres of prime waterfront real estate — fronting not just Bayfront Parkway but extending all the way to Chase Street. Carro says the new ownership group sees future development potential on the site tied to technology and innovation — with a possible connection to what is happening at the Bayfront auditorium.

One feature generating particular interest is a restaurant space with sweeping water views of Pensacola Bay. The dining room was once home to Norman's — a landmark Pensacola restaurant that longtime residents remember fondly. Carro says he is actively looking for a restaurateur ready to bring it back to life.

"If we can find a restaurant operator that wants to come in — please have them give me a call," Carro said.

The building is now being marketed for lease as new ownership takes possession. Leasing inquiries can be directed to Michael Carro at SVN Southland Commercial — 850-434-7500 or mcarro@svn.com.