Three Lease Deals Bring New Property To Near Full Occupancy

Apr 22, 2014 No Comments by

Newport, CA-based KBS Strategic Opportunity REIT has inked three new lease transactions at its Maitland Promenade II office building here totaling nearly 34,000 square feet.

The new lease deals bring the occupancy of the 230,366-square-foot office building, which KBS acquired in December 2013 to 92% occupancy. The property was 77% occupied at the time of its purchase.

The latest lease transactions at Maitland Promenade II include a new 20,113-square-foot lease with Taylor Morrison Home Funding and a 5,062-square-foot expansion by New York Life.

The deals also included an 8,526-square-foot expansion by Centene.  The Fortune 500 company recently inked a deal for 43,000 square feet in Sunrise, Florida.

“We believe Maitland Promenade II is one of a handful of assets that tenants consider in Maitland when looking for office space because of its efficient floor plates and covered parking,” says KBS Capital Advisors Senior Vice President Jeff Rader. “We anticipate future growth of tenants will lead to further leasing activity in our building and similar assets in Maitland.”

Flagler Real Estate Services Vice President Scott Bell and Phil Marchese, director of leasing for Flagler Real Estate Services, represented KBS Strategic Opportunity REIT in the three lease transactions. Steve Coughlin of Coughlin Commercial represented Taylor Morrison Home Funding, while Scott Bazoian with Cassidy Turley represented Centene, and Dave Chapin of JLL brokered the deal for New York Life.

The building is managed by Flagler Real Estate Services.

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