108,000 SF Office Lease Inked In Lake Mary’s Soon-To-Be-Built Colonial TownPark

Aug 03, 2015 No Comments by

In conjunction with local development partner, Providence One Partners, Piedmont Office Realty Trust has completed the largest office lease in Lake Mary to date in 2015 at the soon to-be-built 500 TownPark building in Colonial TownPark.

Anchoring the new building that is scheduled to break ground in December 2015, Continental Casualty Company (CNA) will occupy 108,000 of the 135,000-square-foot class A office building for its Florida Regional Offices, and office approximately 600 people.

This announcement comes on the heels of Mitsubishi Hitachi Power Systems’ relocation to 75,000± square feet at Piedmont’s adjacent 400 TownPark building this past March.

The recently acquired site for 500 TownPark and adjacent acreage will be developed as “TownPark Commons.”

Strategically located at the intersection of I-4 and 417, the prime 20-acre development will initially include up to 3 class A office buildings totaling up to approximately 800,000 square feet with structured parking, a 250-room hotel, plus 100,000 square feet of retail. TownPark Commons will feature high quality common areas including a public plaza and an integrated walkable environment adjacent to Colonial TownPark.

 

“Lake Mary continues to be one of the fastest growing submarkets in Orlando in part due to its location, attractiveness of its infrastructure, high quality schools and overall environment,” said George Wells, Senior Vice President with Piedmont. “In the past 18 months, both Verizon and Deloitte absorbed roughly 330,000 square feet combined and equating to more than 2,000 jobs to the area – which, along with the CNA lease at 500 TownPark, plays into the trend of technology and professional services seeking out space in this bustling corridor.”

Providence One Partners will be Piedmont’s local development partner on both the 500 TownPark and TownPark Commons project. Tom Green, Principal of Providence One, was formerly with Colonial Properties Trust and led the development of the 200-acre Colonial TownPark.

 

“We are excited to be a part of the 500 TownPark development with Piedmont and appreciate CNA’s long-term commitment to Lake Mary and TownPark,” said Green. “This is a breakthrough development in the area as it will also include a 600 car parking garage which sets the trend for future users in this maturing submarket. The vision of the adjacent TownPark Commons will continue this evolution, integrating office/hotel/retail components with parking structures in a more urban style environment complementing the tremendous location and highway accessibility.”

Greg Morrison, Principal and Managing Director of Avison Young’s Orlando operations, and Scott Pamplin, Vice President with Avison Young and President of the Downtown Orlando Partnership, are marketing the 500 TownPark building and TownPark Commons project.

 

“In advance of the groundbreaking of 500 TownPark and the new TownPark Commons project, we were fortunate to be able to secure a prominent anchor tenant like CNA,” said Morrison. “Lake Mary’s lack of large available spaces and the falling vacancy rate in Orlando overall are fueling interest in the new building and TownPark Commons.”

Serving businesses and professionals since 1897, CNA is the country’s eighth largest commercial insurance writer and the 13th largest property and casualty company. CNA’s insurance products include standard commercial lines, specialty lines, surety, marine and other property and casualty coverages. CNA’s services include risk management, information services, underwriting, risk control and claims administration.

James “Jim” Buddrus, Chief Operating Officer and Managing Principal with Swearingen Realty Group in Dallas, Texas, represented CNA in the lease transaction.

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