New York's Falcon Buys Siemens Office Building for $158 per SF

ORLANDO-Siemens Westinghouse Power Corp. will be paying office rent to a new owner this month.

The 226,000-sf building, fully occupied by the Orlando-based division of Siemens AG of Munich, has been purchased by Falcon Real Estate Investment Co. of New York which paid $35.76 million or $158 per sf for the one-year-old property at the Quadrangle Office Park in east Orange County.

Chicago-based Alter Group developed the building for $40 million or $177 per sf. Alter had planned a three-building, 525,000-sf office park at the site near the University of Central Florida campus.