MIAMI—Orlando is the fastest growing job market in the entire nation. The tourist city has gained national attention and corporate relocations creating strong office fundamentals across the entire class A office market, which is now nearly 90% occupied.
Against that backdrop, Southwest Value Partners is pressing new buttons to drive occupancy at its three-building office portfolio in Downtown Orlando. The firm retained CBRE to lease the recently acquired office buildings.
The Bank of America Center, Citrus Center and One Orlando Centre span 1,037,603 square feet, offering tenants a range of office spaces and a rare entry point into a mixed-use urban market in one of the fastest-growing cities in the country. CBRE's Jay Dixon and Tom Rich will handle the leasing for the properties on behalf of the landlord. JLL will manage the buildings.
“Each building has a unique offering with a true 'live-work-play' environment, giving new tenants three different opportunities with a wide range of office spaces and amenities to choose from,” Dixon, first vice president at CBRE, tells GlobeSt.com. “With different size floor plates catering to the needs of various tenant types, current vacancies can accommodate small and large tenants of up to 40,000 square feet. Although the three buildings are in the downtown area, they each enjoy different premium locations, and tenants have the advantage to choose whichever suits their business best.”
Located at 390 North Orange, the Bank of America Center is an iconic trophy class A office tower and one of the most recognizable buildings in Orlando. The 421,069 square-foot, 28-story class A office tower was delivered in 1987 with a staircase design that offers a mix of different full-floor-size floor plates.
The Bank of America Center is one of city's most sought-after office locations thanks to its ability to accommodate a variety of tenant sizes, its prominent location on Orange Avenue, and the panoramic views of the Downtown Orlando skyline. The office building offers tenants an ideal amenity package with a ground-floor full-service restaurant.
“With the quality of these assets and the diversity of public and private investment in Downtown Orlando's infrastructure, education, entertainment offerings, and housing growth, we believe this is a market that has exceptional long-term prospects,” says Mark Schlossberg and Cary Mack, co-managing partners of Southwest Value Partners. Citrus Center—located at 255 South Orange, sits at the intersection of Orange Avenue and East Jackson Street, one of the most active pedestrian intersections in the city and often considered the epicenter of Orlando's CBD.
Highlighted by the Citrus Club, the office building offers amenities including fine dining, event, and meeting venue located in the penthouse of the building, and the Citrus Club Spa and Fitness Center, a full-service athletic club located on the ground floor. In 2016, Citrus Center underwent modernization that included a full lobby renovation, enhancing the building's modern and contemporary feel.
(A new office development recently won a $75 million construction loan.)
The One Orlando Centre—located at 800 North Magnolia Avenue—is a 355,783-square-foot 19-story class A office tower, delivered in 1987 with desirable 20,000-square-foot floor plates. It was awarded an Energy Star Label in 2015 for its operating efficiencies.
One Orlando Centre is the only class A building in downtown that is suited to accommodate a tenant of approximately 40,000 square feet, its uptown location offers a variety of multifamily options, hotels, upscale dining, entertainment, and retail within walking distance. It also benefits from offering the best parking ratio—four spaces per 1,000 square feet—of any building in Downtown Orlando.
Here's how you can use your office space as a competitive advantage.
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