Pearlman's 600 employees at his holding company, Trans Continental Cos., would be relocating from several office locations on Sand Lake Road in south Orlando. At about 400 sf of office space per employee, building planners estimate Pearlman would need about 240,000 sf to house his staff adequately.

In a telephone interview with GlobeSt.com, Kling estimates 150,000 sf to 200,000 sf is a more accurate number.

"The tenant and his affiliated companies are considering the Exchange Building (130,000 sf), the ballroom and an ancillary building," Kling says. If leased, Church Street Station's occupancy would grow to 75%.

The city of Orlando, eager to entice new occupants to the darkened Church Street Station area, is considering an economic incentives package to offer Pearlman for leasing or building new space at the prime site.

Pearlman is also considering other locations at the same time he is negotiating with Kling, brokers tell GlobeSt.com.

Kling and his investor group bought Church Street Station on May 5, 2000 for $15.85 million or $60.96 per sf from reclusive Orlando investor Joseph Lewis and his associates at London-based Enic PLC.

Based on the 7.3 acres alone, the price equates to $2.17 million per acre or about $49.84 per sf, a bargain at the time for prime acreage fronting Interstate 4, area brokers dealing in Downtown dirt tell GlobeSt.com.