One Orlando Centre Sells for $70M

ORLANDO-Two New York-based investors have completed a $70-million office building sale deal here. The Praedium Group LLC paid Reckson Associates Realty Corp. $70 million, or $197 per sf, for the 19-story, 356,000-sf One Orlando Centre at 800 N. Magnolia Ave.

Locally based Tower Realty Partners Inc. partnered with Praedium on the deal. Reckson had owned the 19-year-old property for a little more than a year, according to GlobeSt.com research.

The building’s 87% occupancy was a factor in the acquisition. “This investment presented an opportunity to purchase a high-quality asset with an above-market vacancy rate,” Praedium vice president Mark Lippmann says in a prepared statement.