Lincoln Property Co. and locally based Battaglia Group, jointly developing 210,000 sf of office at the park's 52-acre Village Center, already have two of four planned buildings 82% leased. The two buildings total 60,000 sf and lease for an average asking base rent of $16 per sf, triple net. Lincoln-Battaglia plans to break ground on a third, 45,000-sf building in the near future.
"We are seeing firms decide to relocate to Baldwin Park for various reasons," says Todd Watson, a Lincoln leasing associate. "Concept and design is a big draw. Location and convenience is another. " Watson adds, "Other tenants are drawn here for class A space at rental rates unattainable in Orlando's central business district."
The park's newest tenant, Chicago-based VOA Associates Inc., an international architecture firm, opted for Baldwin Park over Downtown and established suburban office sites. VOA is taking 9,000 sf for five years at an estimated aggregate rent of $720,000.
"The deciding factors were neighborhood uniqueness, good planning and good design," says Jonathon Douglas, managing partner of VOA's offices in Orlando. Broker Jason Schrago of Trammell Crow Co. negotiated the lease terms for VOA.
Locally based Miller, Sellen, Connor & Walsh, a community planning and engineering firm, is the Village Center's anchor tenant, occupying 25,000 sf in a two-story, 30,000-sf building at the corner of New Broad Street and Chatfield Place. In an adjacent sister building, KRG&G LP, a CPA firm, occupies 3,700 sf along with Baldwin Park Development Co. working out of 6,500 sf, and Janney Montgomery Scott LLC which leases 5,000 sf.
Unicorp National Developments Inc. of Orlando is constructing the first $50-million phase of Village Center which will include 185,000 sf of retail, 60,000 sf of office and 200 apartment units. When fully developed, Village Center will have 1,200 residential units, 225,000 sf of office and 240,000 sf of retail. Baldwin Park itself will have a total 3,600 homes at buildout.
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