Officials at Fairfield and Flagler Development Co., thebuilding's property owner, couldn't be reached at GlobeSt.com'spublication deadline to learn the length and value of the lease.But area brokers intimate with the southwest/tourist corridor tellGlobeSt.com on condition of anonymity the lease is for at least 10years at an aggregate value of $19 million or $20 per sf.

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That would dovetail with a recently reported lease byGlobeSt.com on Schwartz Electro-Optics Inc. taking 76,221 sf at thesame Building 500 for an estimated 10 years and an aggregate valueof $15 million. Grubb & Ellis Co. puts the average asking classA office rent in the three million-sf southwest submarket at $21.85per sf.

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Building 500 is 55% leased. The 835,000-sf Gran Park atSouthPark venture is 80% leased. Flagler Development has signedleases totaling 225,000 sf in the past two months. Flagler is thereal estate division of St. Augustine, FL-based Florida East CoastIndustries.

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Planet Hollywood International Inc. sold its 84,000-sf buildingand 13.9 acre-layout in 1999 to Chicago-based RREEF Funds for anestimated $23 million, based on published accounts.

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Damien Madsen of Advantis Real Estate Services Co., Orlando,represented Flagler in the GranPark leasing transaction.

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