New Liberty Asset Snares Rival's Tenants

ORLANDO-Liberty Property Trust of Malvern, PA has broken ground on a $6 million, two-story, 80,000-sf office and flex-use structure at the planned $30 million, 400,000-sf Liberty Park at SouthCenter on US 441, just south of the Florida Turnpike.

Liberty enticed Control Laser Corp and Control Systemation Inc. to leave rival Orlando Central Park for the new quarters that will be ready for occupancy in November. Control Laser and Control Systemation are owned by Setauket, NY-based Excel Technology Inc.

The tenants and REIT officials couldn’t be reached at GlobeSt.com’s publication deadline to learn details of the leasing transaction. But area brokers familiar with the south Orlando submarket tell GlobeSt.com on condition of anonymity the estimated five-year lease will have an aggregate gross value of at least $8 million or about $20 per sf.