Downtown Orlando Office Building Trades

Joe Rossi of Colliers International Central Florida represented the seller.

ORLANDO—100 East Pine Street, an 86,527-square-foot, six-story office building in Downtown Orlando, has traded hands. Denholtz Associates bought the office asset. Denholtz plans to renovate the lobby, mechanical systems and exterior features of 100 East Pine Street. When finished, it will be a boutique class A office building. “We believe that our acquisition of 100 East Pine provides a tremendous upside opportunity to increase its value through significant lease-up and capital enhancements in an improving, expansionary Downtown Orlando office market,” says JP Josephson , director of Florida acquisitions for Denholtz. “In addition to being a global leader in tourism, Orlando is also one of the fastest growing economies in the Southeast.” 100 East Pine Street has retail frontage on both Pine Street and Magnolia Street, and the neighborhood has strong pedestrian foot-traffic. Just blocks from the Dr. Phillips Center for the Performing Arts, which recently completed a $500 million renovation, the office building sits in a strategic position. “Interest in this property was very strong among developers, given its prime location and strong upside potential,” says Rossi, managing director of Investment Services for Colliers. “This just goes to show the strength of the property and the demand for this type of investment.” 100 East Pine Street is literally steps away from Orange Ave and Church Street. Interstate 4 and the East-West Expressway are one quarter of a mile away from the office property. Office vacancies span from 500 square feet to 35,000 square feet. There is also 4,800 square feet of retail space and another 6,000 square feet of flex office or retail space on the ground floor that can be combined with 10,800 square feet of basement space for creative uses. Bill Moss , senior managing director for CBRE Orlando is bullish on Orlando investment. He says people may not realize that Orlando ranks as the leading metro in the nation for job growth through 2020. “For starters, Orlando is more than Disney World—far more,” he tells GlobeSt.com. “ We’re also one of the top 10 places in the country for business, home to some of the biggest names in business. We have a labor pool of more than 1.2 million people that is well prepared to meet the needs of any employer. Plus, the city is one of the nation’s most cost-competitive locations.” For all the hype about Downtown Orlando, there is a trend toward moving out of downtowns. You can read about that in my recent column: The Shift From Urban Core to Tertiary Markets .