Indra has been a tenant at the office park owned Denholtz Associates, based in New Jersey, for eight years. The deal's rental rate was not disclosed, but a spokeswoman with Southern Commercial Real Estate tells GlobeSt.com that the average office lease rate in the area is $12.50 per sf NNN.
Tom McFadden and Bo Bradford, principals at Southern Commercial Real Estate Advisors, represented Denholtz Associates. Indra was repped by CNL Commercial.
University Corporate Center is currently 87% occupied. The park consists of seven single-story, multi-tenant buildings on 12.2 acres. It is a half mile from the intersection of State Road 436 and University Boulevard, and six miles from Downtown Orlando.
According to Marcus & Millichap's 2008 National Office Report, vacancy in the metro area will rise 60 basis points to 11.5% this year. In addition, asking and effective rates are forecast to jump 3.6% to $22.59 per sf and $19.18, respectively.
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