One Energy Place Begins a New Chapter Under Local Ownership
SVN | Southland Commercial represented both sides of the landmark Pensacola waterfront transaction, completing a seven-year journey and helping secure more than 127,000 square feet of leases before closing.
One of Pensacola’s most recognizable waterfront properties is entering a new chapter.
The sale of One Energy Place closed on July 31, 2026, transitioning the former Gulf Power and Florida Power & Light headquarters into local ownership. SVN | Southland Commercial Managing Director Michael Carro, CCIM, represented both the buyer and seller in the transaction.
The approximately 250,000-square-foot, five-story Class A office building sits on more than 13 acres overlooking Pensacola Bay. For nearly four decades, it operated as a single-company corporate headquarters. Under its new ownership, the property is being repositioned as a premier multi-tenant office destination.
Seven Years in the Making
Although the formal listing process began in November 2025, Michael’s work on the opportunity started years earlier.
He spent seven years developing a relationship with Florida Power & Light before receiving the opportunity to compete for the listing. After being selected to market the property, he also brought the eventual buyer to the table and helped navigate a competitive process that included multiple purchase offers.
This was not an overnight success. It took years of relationship-building, patience, and persistence to earn the opportunity, bring the right buyer forward, and get the transaction across the finish line.
The listing agreement was signed on November 10, 2025. A letter of intent was reached with the buyer on December 21, followed by the execution of the purchase and sale agreement on February 9, 2026. The transaction closed approximately eight and a half months after the property officially entered the market.
Keeping a Pensacola Landmark in Local Hands
The property was acquired by a local investment group with extensive experience owning, maintaining, and managing significant real estate assets.
For Carro, local ownership was one of the most important outcomes of the transaction.
One Energy Place is not just another office building. It is part of the Pensacola waterfront and part of the city’s identity. The new owners understand what it takes to care for a property of this size and significance, and they have a long-term vision for putting it back to work for Pensacola.
Rather than remaining vacant or being held by an out-of-market institution, One Energy Place will once again serve as an active economic engine. Its transition to a multi-tenant model creates opportunities for new businesses, new jobs, and continued investment along Pensacola’s waterfront.
More Than 127,000 Square Feet Leased Before Closing
The transaction came with two significant challenges. The building was being delivered completely vacant, and financing large office properties remains difficult in the current national market.
SVN | Southland Commercial addressed the vacancy directly by beginning the leasing process before the sale was complete.
More than 127,000 square feet of leases were signed before closing, with approximately another 110,000 square feet in active negotiation at the time of the transaction. That leasing momentum played an important role in reducing risk and helping move the deal forward.
Signing more than 127,000 square feet before closing is the accomplishment I am most proud of. We were bringing a completely vacant, 250,000-square-foot office building to market during a difficult financing environment. Demonstrating real tenant demand was critical to making this transaction work.
Repositioning One Energy Place for Multiple Tenants
One Energy Place was originally designed to serve a single corporate user. The next phase will introduce improvements that create a more welcoming and hospitality-focused experience for multiple companies and their employees.
Planned improvements include an enhanced lobby, new lounges and common areas, and a concierge stationed at the front desk to assist tenants, visitors, and guests.
The objective is to maintain the building’s institutional-quality construction and professional environment while creating a more inviting shared experience throughout the property.
Leasing Opportunities Remain Available
SVN | Southland Commercial is continuing to market the building’s remaining availability to a diverse mix of professional and corporate users.
Contiguous office spaces are available from approximately 4,000 to 56,000 rentable square feet, allowing One Energy Place to accommodate both established regional companies and larger corporate users seeking premier waterfront space.
The property also includes an approximately 8,350-square-foot waterfront dining room and restaurant opportunity, offering a unique location within one of Downtown Pensacola’s most prominent buildings.
One Energy Place is going back to work for Pensacola. The sale is complete, but the larger story is just beginning. We now have the opportunity to introduce more companies to the building, continue building leasing momentum, and help create a vibrant multi-tenant environment on the waterfront.
Learn More About Leasing at One Energy Place
For information regarding available office suites, the waterfront restaurant opportunity, or leasing at One Energy Place, contact:
Michael Carro, CCIM
Managing Director
SVN | Southland Commercial
850.380.3344
mcarro@svn.com