(Carl Cronan is editor of Real EstateFlorida.)
ORLANDO, FL-Intelligent Global Pooling Systems Co. LLC, also known as iGPS, has signed a lease with Highwoods Properties Inc. for 16,432 sf in the Landmark Center Two building Downtown. The company will relocate from another nearby Highwoods building, Seaside Plaza, where it currently occupies 5,931 sf.
Established in 2006, iGPS provides manufacturers and retailers with plastic pallets embedded with radio frequency identification tags that can be used for tracking inventory. The company says its pallets are 30% lighter than those made out of wood, and reduce the chances of workplace injuries and damage to equipment by eliminating protruding nails and splinters.
"In just two years since our launch, we have outgrown our current headquarters due to the extensive growth of our company," Bob Moore, CEO of iGPS, stated in a release. "Our new space in Landmark Center Two will provide us with room to grow while giving our current staff the resources and space to provide quality service to our customers."
Landmark Center Two, a six-story building at 225 E. Robinson St. overlooking Lake Eola in Downtown Orlando, was built in 1985 and renovated in 2001. The 225,343-sf building is 95% occupied with the new lease to iGPS.
Office vacancy in Orlando's central business district was around 12% through this year's first quarter, according to various commercial real estate brokerage estimates. Yet Highwoods, the city's largest office landlord with 2.4 million sf of inventory, says it is faring better than most other building owners, which were hit with vacancies from the falloff of residential mortgage firms that either closed their offices or sublet excess space.
"We're doing very well on our larger renewals," Catherine Reeves, Highwoods' leasing director in Orlando, says in the May/June issue of Real Estate Florida. "We're certainly not immune by any stretch of the imagination, but we're doing better than other parts of the country."
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