The property, which is located in downtown Orlando and includes an eight-story parking facility, was 92% leased at the time of the sale, a leasing rate that rose significantly during Praedium and Tower's holding of the asset. "We leased about 30% of the building during the time we held the asset," Praedium director and head of the southern region Mark Lippmann tells GlobeSt.com. "We brought the vacancy from the low 80s to 92%. In our view, the asset was fairly well stabilized so it was a good time to sell."

Lippman adds that Eola Capital was attracted to the acquisition of the property because it is a quality asset with a stable rent roll.

Praedium and Tower acquired the building over a year ago from Reckson Associates Realty Corp. as a value-added opportunity for $70 million, or $197 per sf. Reckson had owned the property for a little more than a year. One Orlando Centre was originally called Olympia Place when it was developed by Toronto-based Olympia & York Corp. "Our business plan helped to attract quality tenants which enabled us to achieve record pricing for this asset," says Cliff Stein, of Tower Realty Partners.