Duke and Florida Power officials couldn't be reached at GlobeSt.com publication deadline to learn the value of the lease. But area brokers familiar with the Lake Mary/Heathrow/Sanford submarket tell GlobeSt.com on condition of anonymity the estimated value of the 10-year lease with five-year renewal options is $21.7 million.

"At an estimated $20 per sf, this tenant is getting a good deal in one of the hottest commercial markets in Florida," a Lake Mary broker not associated with the transaction tells GlobeSt.com on condition of anonymity.

For Duke, the Florida Power deal was a natural. The REIT developed a 45,000-sf call center for the utililty at Northpoint in 1997. In January of this year, Florida Power contracted with Duke to lease 85,000 sf at Northpoint III where it plans to consolidate three offices in suburban Maitland, FL, east Winter Park, Fl and Altamonte Springs, FL. About 225 employees will start to move into the new building in November.