Colonial Closes 107,000 SF in New Leases

ORLANDO-Colonial Properties Trust of Birmingham, AL has brought its 155,000-sf Colonial Center 200 office building in suburban Lake Mary, FL to 85% occupancy with the signing of the Hartford to a 65,000-sf lease for an estimated 10 years at an estimated aggregate rent of $12.35 million. The average asking rent is $19.75 per sf.

A twin building, the 155,000-sf Colonial Center 100, is at 100% occupancy after two new users joined the tenant roll. Both buildings are within the 175-acre Colonial TownPark, just off Interstate 4 and County Road 46A. Colonial Properties has developed 500,000 sf of office space in the metro area with plans for another 500,000 sf over the next five years.

“Developments that integrate live, work and shop elements effectively are becoming increasingly more attractive to companies,” says Colonial senior vice president Tom Green. “It is a competitive advantage in recruiting and retaining workforces. High performance workplace environments integrate these elements, thereby enhancing more productive employees.”