CHEP Signs 144,000-SF Lease for Estimated $50M at Gran Park

ORLANDO-What has been a lackluster two quarters of leased office space in metro Orlando has changed dramatically with the signing of CHEP International Inc. to a 15-year, 144,000-sf class A office lease at the 176-acre, 835,000-sf Gran Park at SouthPark in south Orlando.

Flagler Development Co. of Jacksonville, FL, the park’s owner, and CHEP officials couldn’t be reached at GlobeSt.com’s publication deadline to learn the value of the lease in Building 200. But brokers intimate with the south Orlando submarket tell GlobeSt.com on condition of anonymity the quoted average rent is $23 per sf, making the estimated aggregate value of the CHEP lease $50 million.

The lease is the largest to date in metro Orlando. CHEP was leasing 61,000 sf in Building 200 but decided to take another 83,000 sf and the entire building as it grows its local workforce of 475.