Area brokers in a position to know tell GlobeSt.com the estimated aggregate value of the transaction is $16.1 million, based on an average $23-per-sf annual rent. Quoted Downtown class A office rents are $22 to $24 per sf.
The lease brings the occupancy of the 16-year-old structure to 92%, says Kirk R. Fetter, leasing director in Orlando for Dallas-based Gaedeke Landers LLC which co-owns the property with Blue Capital Investments Inc., a Hamburg, Germany-based real estate fund manager for German investors.
The lease also firms up the overall 4.17-million-sf, class A, CBD vacancy rate which stood at 12.4% in Q1, according to Cushman & Wakefield of Florida Inc. research. However, the overall class A vacancy rate in 12 monitored submarkets totaling 29.93 million sf is 20.6%. There is 515,999 sf of vacant class A space Downtown.
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