Colonial and Mitsubishi officials declined to disclose lease terms but brokers familiar with the Lake Mary, FL submarket say the lease is for at least 10 years at an estimated value of $6 million.

Those terms would dovetail with the Bank of New York's 52,000-sf lease for its BNY Investment Management Services division in March at the same 155,000-sf, 75%-leased Colonial Center 100 building nearing completion in the 175-acre Colonial Town Park.

The bank's 10 year lease has an estimated aggregate value of $10.4 million, brokers familiar with that deal tell GlobeSt.com.

The Colonial park lease follows Mitsubishi's $6.25 million purchase in February from Textron Turbine Engine Components' 91,000-sf vacant plant at 2287 Premier Row in Orlando Central Park. Textron closed shop last November, laying off 250 workers.

Mitsubishi plans to start a $40 million turbine engine manufacturing plant at OCP by December with an initial staff of 60. About 350 engineers and technical support staffers will occupy the Colonial office location expected to be ready for occupancy later this month.

Orange County government and the state lured Mitsubishi to Orlando with a $1.38 million economic incentive package. The county is kicking in $280,000; the state is contributing $1.1 million in tax concessions over 10 years. Mitsubishi, in turn, will be paying county property taxes of $2 million over the 10-year period.

The California-based company had considered Tampa, FL, Pensacola, FL and South Carolina before deciding on the Orlando plant and office locations, according to earlier prepared statements from the Economic Development Commission of Mid-Florida Inc.

Cushman & Wakefield represented Mitsubishi in the office leasing and plant purchase transactions.