ORLANDO – More than 83,000 square feet of Class A office condominiums in downtown Orlando at 121 and 189 S. Orange Ave. and Church St. was launched on the market this month. For the first time in 12 years a large assortment of downtown Class A office space can be purchased.
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| The Plaza |
One of the biggest, most sophisticated mixed-use developments within downtown Orlando’s CBD – The Plaza’s North and South towers built in 2006 and 2007 – has approximately 400,000 square feet of premium class “A” office space with select office condominium suites now being offered for sale. Thornton Park based Stirling International Real Estate is representing the property.
A selection of ready-to-move-in suites are available ranging from 2,400± square feet to an entire floor with nearly 20,000± square feet, according to John Kurtz and Roger Soderstrom, Jr., the Stirling team exclusively handling marketing and sales of the large portfolio. They’re also seeking investors for the opportunity to purchase several market rate leased suites with tenants in place.
“Sale prices average about $240 per square foot and vary by floor, finishes, views and special features like private balconies,” Soderstrom said.
One of the first office condominiums to hit the market is an executive penthouse with over 20,000 square feet – 10,891 square feet of office surrounded by a private 10,000 square foot garden terrace which provides employees with an indoor-outdoor work environment.
“We see this 20,000± rooftop penthouse office suite as a one-of-a-kind buying opportunity for a corporate headquarters office,” said Kurtz. “Recent studies show that companies can recruit the best employees and keep them engaged, happy and healthy when they can make outdoors and fresh air a part of their workday.”
“Nearly all of the office space in downtown Orlando is only available for lease,” Soderstrom said. “This is a rare and limited opportunity for a company to own its own office at a fraction of the cost to build a new office in the CBD, which could cost as much as $375-$400 per square foot.”
Conventional financing is offered to buyers as well as 90% SBA financing which allows buyers to include closing costs, tenant improvements and new FF&E costs into their mortgage, according to Soderstrom.
The seller, RSC-Plaza Office Condos, LLC is part of Real Capital Solutions based in Louisville, Colo. near Denver. The company has been actively acquiring value-add and core office buildings in Central Florida and recently acquired the 226,000 Siemens Building by UCF.
The downtown Orlando office market is one of the hottest in the state with a current vacancy rate of 7.1%, causing a surge in rental rates, Kurtz explained.
Companies purchasing their own office condo here can readily expand with a growing talent pool and technological innovation driven by the UCF-Valencia downtown campus and Creative Village which is among the billions of dollars in construction and development underway in the CBD including, SunTrust Plaza at Church Street Station, Dr. Phillips Performing Arts Center addition, Magic mixed use entertainment project and the I-4 expansion.
The Plaza mixed use development as a whole is highly amenitized with 105,000 square feet of high end retail within the two towers including a 12-screen cinema, restaurants, and 306 Solar residential units. Its location with close proximity to major thoroughfares is significant and an asset for users who require easy access in Central Florida and throughout the state.
