ORLANDO—For all the talk about the revival in Downtown Miami, Orlando is seeing some action of its own on the office front. Century Plaza just traded for $14.2 million in a deal that marks Tower Realty Partners’ reentry into the Downtown Orlando office market.
Tower Realty Partners and Vancouver, B.C.-based Second City Capital Partners snapped up Century Plaza for $83.50 per square foot. The 12-story, 170,000 square-foot office building is located at 135 West Central Boulevard.
“The biggest challenge with this deal was that the federal bankruptcy court, which is a tenant in the building, is planning to relocate to the old federal court house building under renovation,” Reid Berman, a principal of Tower Realty, tells GlobeSt.com. “The court’s departure was a moving target and we had to figure out the best way to underwrite that vacancy.”
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