Sun Life purchased Primera III, a four-story, 153,000-sf building in 2002 for $20 million or $130.71 per sf, says a Crescent spokesperson. Crescent leases and manages both buildings for Sun Life.
Crescent is developing a planned 240-acre, three-million-sf class A office campus in Lake Mary at Crescent at Primera and New Century Park, projects the developer began with a single class A office building in 1997. The North Carolina developer is also completing Resource Square at Central Florida Research Park in east Orange County and the Gateway Crossing Shopping Center in Altamonte Springs.
Although not considered trophy buildings, the Crescent-built properties sell quickly, largely because of their location and quality construction, area brokers tell GlobeSt.com.
"The relative lack of high-profile, well-located investment offerings, specifically trophy assets, has fueled steady investor interest in class B and C office buildings throughout the Orlando market," Lisa M. DeVore, Advantis Real Estate Services research director, tells GlobeSt.com.
DeVore says the pace of speculative office construction has "picked up somewhat over 2002 but is still short of the banner years of 1999-2001. Sublease space "continues to negatively impact the office market, currently accounting for 17% of all space available," she says. "The absorption of this space will be key to the market's recovery."
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