The estimated $17 million leasing deal the REIT is doing with Florida Power Corp., one of the area's major employers, enforces pro-development forces' arguments that the office market is headed for a strong year in 2001 despite some slowdowns in other real estate sectors.
FPC, based in St. Petersburg, FL, is taking 85,000 sf for 10 years along with five five-year renewal options. The utility is consolidating three area offices in suburban Maitland, east Winter Park and Altamonte Springs and relocating 225 employees from its energy delivery system into the newly-finished building.
FPC is also closing 33 customer-service offices across Florida and replacing them with 150 pay stations in individual retail stores and shopping centers. The company will retain its operating 45,000-sf call center in the same park.
Carolina Power & Light Co., a subsidiary of Raleigh, NC-based Progress Energy Corp., bought Florida Power last fall, creating the country's ninth largest utility based on generating capacity. Duke-Weeks is currently developing office product in Celebration, FL and at the LeeVista mixed-use development near Orlando International Airport.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
