The University Corporate Center III was developed by the Tampa-based Opus South Corporation and is located in the Quadrangle Business Park in East Orlando adjacent to the University of Central Florida. The building is 94% leased, according to Grubb & Ellis, which represented the seller. The biggest tenants in the building are the Northrop Grumman Corp., which leases 41%, and Siemens, which leases 28% of the building.
According to the Collier Arnold first quarter 2010 "Insights on the Market" office report, the total vacancy rate for the East Orlando market, where the University Corporate Center III is located, was 15.4%.
TA Associates did not respond to a request for comment before press time.
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