The lease, at an estimated aggregate rent of $1.64 million ($20 per sf), brings the one-year-old 215 Building on 9.5 acres to 50% occupancy. Ginn Co. of Palm Coast, FL in Flagler County is one of Central Florida's most aggressive developers.

For Lincoln, the Ginn lease is encouraging as it comes in a 1.1 million-sf submarket that is showing a 16.4% vacancy level, according to the latest statistics from Grubb & Ellis Co. There is 182,000 sf vacant at a class A average asking rent of $20.78 per sf and a class B quoted rent of $15.90 per sf. Net absorption in fourth quarter 2001 was only 56,502 sf and 113,444 sf for the entire 2001. There is no new office construction in the Osceoloa/Kissimmee/Celebration submarket.

Ginn's planned 2,500-acre Reunion Resort in southwest Osceola is 15 miles from the Celebration Building. Reunion will have 5,000 timeshare and single-family units, 3,000 hotel rooms, 540,000 sf of commercial and three golf courses.