(Carl Cronan is editor of Real Estate Florida.)
GAINESVILLE, FL-Locally based AMJ Inc. has signed Mountain View, CA-based SumTotal Systems Inc. to a new lease for its Florida offices at Madison Park, located at 2850 NW 43rd St., starting in July. The software development company will bring approximately 50 employees to the three-story building.
SumTotal Systems, currently located at 203 SW Third Ave. in Downtown Gainesville, will occupy the 13,280-square-foot second floor of Madison Park. AMI is currently negotiating with prospective tenants for the remaining space on the third-floor and the entire ground floor, says Beau Beery, AMJ director of commercial brokerage and asset management.
The 48,000-square-foot class A building was originally developed for lease as well as office-condo sales until the credit market for such investments began freezing up last year. "We were expecting to have more sales because this is the professional services corridor for Gainesville," Beery tells GlobeSt.com, adding that leasing is the more favored option lately.
Madison Park, which was planned more than a decade ago, occupies one of the last remaining entitled sites along NW 43rd Street, a major business corridor approximately four miles from Downtown Gainesville and the University of Florida, says Beery. Merrill Lynch became the building's first tenant in November 2008, taking up most of the top floor.
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