135,000-SF Spec Office Opens In Lake Mary

Piedmont Office Realty Trust, in conjunction with a local development firm Providence One Partners, announced the delivery of 500 TownPark, a four-story 135,000-square-foot Class A office building located at 500 Colonial Center Parkway in Lake Mary. 500 TownPark is the first office building of its class delivered in Seminole County with any speculative space since 2008. In early March 2017, the new building’s anchor tenant, CNA, moved its approx. 600 employees from Maitland into the 108,000 square feet spanning three full floors that they leased to house its Florida Regional Offices. 500 TownPark is located within Colonial TownPark at the intersection of I-4 and 417, adjacent to TownPark Commons which Piedmont is also developing. TownPark Commons is projected to include up to 3 Class A office buildings totaling up to approximately 800,000 square feet with structured parking, a 250-room hotel, and 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 is a vibrant submarket and the choice location for large employers in Orlando, offering all the amenities and infrastructure to attract and sustain an equally balanced personal and professional ecosystem,” said George Wells, Executive Vice President with Piedmont.

Avison Young’s Greg Morrison, Principal and Managing Director of the firm’s Orlando operations, and Scott Pamplin, Vice President, worked with Piedmont to ink the deal with CNA to take the three top floors, the largest lease in Lake Mary in 2015. The Avison Young team will now focus their marketing and leasing efforts on the remaining 27,000 square feet, which represents the first floor of the office building.  

“We anticipate that the completion of 500 TownPark will only partly mitigate the pent-up demand as tenant interest remains steady and strong economic fundamentals continue to support business expansion,” said Morrison. “Orlando’s Lake Mary submarket ended the fourth quarter of 2016 with more than 280,000 square feet of absorption and approximately 9 percent vacancy in Class A assets. 500 TownPark stands out in this tight market as the newest Class A space offering 27,000 square feet of new space with 6/1,000 parking in Orlando’s most desirable office submarket.”

————————

Get the latest industry news and information from CRE-sources delivered right to your email inbox!

Click Here To Subscribe Today!

 ]]>