Fiserv CBS Doing Biggest Lease Deal of Year

ORLANDO-In the largest office lease deal of the year, Fiserv CBS Worldwide is expected to announce today it will be consolidating three area locations into Colonial Center 600 at the 175-acre Colonial TownPark where it will be occupying the entire four-story, 200,000-sf class A building beginning in July 2002.

The building, having an estimated construction value of $30 million or about $150 per sf, is expected to break ground June 15 on a site off the County Road 46A exit of Interstate 4 in Lake Mary. The lease transaction and the ground-breaking were scheduled to be announced today.

Terms of the lease weren’t disclosed by either Fiserv or Birmingham, AL-based Colonial Properties Trust, the park’s developer. But office brokers familiar with the hot, suburban Lake Mary, FL submarket tell GlobeSt.com on condition of anonymity the lease should have an aggregate gross value of $46 million over at least 10 years based on a full-service rent of $23 per sf.