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| The Plaza development, Downtown Orlando, FL |
ORLANDO, FL – More than 83,000 square feet of Class A office
condominiums in downtown Orlando at 121 and 189 S. Orange Ave. and Church St.
was launched on the market this month. For the first time in 12 years a large
assortment of downtown Class A office space can be purchased.
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| John Kurtz |
One of the biggest, most
sophisticated mixed-use developments within downtown Orlando ’s CBD – The
Plaza’s North and South towers built in 2006 and 2007 – has approximately
400,000 square feet of premium class “A” office space with select office
condominium suites now being offered for sale.
Thornton Park based Stirling International
Real Estate is representing the property.
A selection of ready-to-move-in
suites are available ranging from 2,400± square feet to an entire floor with
nearly 20,000± square feet, according to John Kurtz and Roger
Soderstrom, Jr., the Stirling team exclusively handling marketing and sales
of the large portfolio.
They’re also seeking
investors for the opportunity to purchase several market rate leased suites
with tenants in place.
“Sale prices average about $240
per square foot and vary by floor, finishes, views and special features like
private balconies,” Soderstrom said.
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| Roger Soderstrom Jr. |
One of the first office
condominiums to hit the market is an executive penthouse with over 20,000
square feet – 10,891 square feet of office surrounded by a private 10,000
square foot garden terrace which provides employees with an indoor-outdoor work
environment.
“We see this 20,000± rooftop
penthouse office suite as a one-of-a-kind buying opportunity for a corporate
headquarters office,” said Kurtz.
“Recent studies show that
companies can recruit the best employees and keep them engaged, happy and
healthy when they can make outdoors and fresh air a part of their workday.”
“Nearly all of the office space in
downtown Orlando is only available for lease,” Soderstrom said. “This is a rare
and limited opportunity for a company to own its own office at a fraction of
the cost to build a new office in the CBD, which could cost as much as
$375-$400 per square foot.”
Conventional financing is offered
to buyers as well as 90% SBA financing which allows buyers to include closing
costs, tenant improvements and new FF&E costs into their mortgage,
according to Soderstrom.
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| SunTrust Plaza at Church Street Station, Orlando, FL |
The seller, RSC-Plaza Office
Condos, LLC is part of Real Capital Solutions based in Louisville, Colo. near
Denver . The company has been actively acquiring value-add and core office
buildings in Central Florida and recently acquired the 226,000-SF Siemens
Building by UCF.
The downtown Orlando office market
is one of the hottest in the state with a current vacancy rate of 7.1%, causing
a surge in rental rates, Kurtz explained.
Companies purchasing their own
office condo here can readily expand with a growing talent pool and
technological innovation driven by the UCF-Valencia downtown campus and Creative
Village.
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| Siemens Building, Orlando, FL |
These projects are among the
billions of dollars in construction and development underway in the CBD
including, SunTrust Plaza at Church Street Station, Dr.
Phillips Performing Arts Center addition, Magic mixed use entertainment
project and the I-4 expansion.
The Plaza mixed use development as
a whole is highly amenitized with 105,000 square feet of high end retail within
the two towers including a 12-screen cinema, restaurants, and 306 Solar
residential units.
Its location with close proximity to major thoroughfares is
significant and an asset for users who require easy access in Central Florida
and throughout the state.
CONTACTS:
Roger
Soderstrom, Jr., Broker, Stirling International Real Estate 27 N. Summerlin Ave.
Orlando, FL 32801;
407-250-1000 roger@stirlingire.com
John
Kurtz, Broker, Stirling International Real Estate, JKurtz@StirlingIRE.com (407)
250-1000
Beth
Payan, Larry Vershel Communications Inc. 407-644-4142
or 407-461-3781 beth@larryvershel.com
