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Duke-Weeks Snares Big One for Suburban Spec Office Asset

ORLANDO-In a consolidation mode, Florida Power Corp. is taking 85,000 sf for 10 years at the Indianapolis REIT's 110,000-sf North Point Park of Commerce in suburban Lake Mary, FL. The estimated value of the lease, which has five five-year renewal options, is $17 million.

By Alex Finkelstein | Updated on January 22, 2001

ORLANDO-The fast lease-up of Duke-Weeks Realty Corp.’s spec 110,000-sf North Point Park of Commerce in suburban Lake Mary, FL is firing up interest at the Indianapolis, IN-based REIT for a fourth 110,000-sf spec office asset in the park. However, no specific plans have been announced

The estimated $17 million leasing deal the REIT is doing with Florida Power Corp., one of the area’s major employers, enforces pro-development forces’ arguments that the office market is headed for a strong year in 2001 despite some slowdowns in other real estate sectors.

FPC, based in St. Petersburg, FL, is taking 85,000 sf for 10 years along with five five-year renewal options. The utility is consolidating three area offices in suburban Maitland, east Winter Park and Altamonte Springs and relocating 225 employees from its energy delivery system into the newly-finished building.

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