The company signed a five-year lease for 3,400 sf at Millenia Lakes Office building located at Interstate 4 and the 1.3-million-sf Mall of Millenia. Byron Carter, who heads the company's commercial real estate division, negotiated the lease for Signature but declined to disclose terms of the transaction. However, south Orlando brokers, familiar with the Millenia Lakes Office property, tell GlobeSt.com the effective rent rate was probably $20 per sf or an estimated $340,000 over the full five-years.
Although the 17-year-old company posted its most productive season in 2003 with $250 million on the chalk board at its existing corporate offices in suburban Winter Garden, FL, Signature officials believe the May move to south Orlando will be even more profitable for the firm.
"Our new location will be in the heart of one of the most vibrant and dynamic commercial areas in Central Florida," says Signature principal Sue McIntyre. "This location next to the Mall of Millenia will give Signature not only great visibility, but also added prestige, which will be important for our recruiting efforts."
Signature departments making the move are the home office, relocation department, commercial real estate division, the new mortgage department and a modern training center.
McIntyre says the relocation was necessary "to accommodate both Signature's continued growth and success and to better centralize the company's Central Florida operations." Signature operates eight branch offices in the five counties of Orange, Seminole, Osceola, Lake and Brevard. The company's $250-million sales volume in 2003 marked a 22% jump over 2002 figures. Signature has 175 full-time sales associates and anticipates increasing that number to 200 this year, McIntyre says.
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