All of the activity was in suburban Maitland, FL, the area's second largest office submarket at 5.8 million sf after Downtown Orlando at 6.4 million sf.
Crow's largest deal was America Online's four-year, 47,000-sf sublease brokers Jason Schrago and J. Paul Reynolds handled for primary tenant Morgan Stanley Dean Witter at Maitland Promenade One, 2300 Maitland Center Parkway. Schrago had represented Dean Witter in the firm's original 10-year lease.
The estimated aggregate value of the sublease deal was $2.82 million, based on an estimated rent of $15 per sf. Crow statistics show average quoted class A rent in Maitland is $20 per sf. But ColliersArnold puts the average rent at $16 per sf in its third-quarter analysis.
Right behind the 47,000-sf AOL lease was a six-year, 27,000-sf contract to Collegis Inc. that Reynolds and Schrago negotiated at Maitland 100 for the owner at an estimated aggregate rent of $2.43 million. Reid Berman of Tower Realty, Orlando, represented Collegis.
At the nearby 555 Winderley building, the federal General Services Administration took 7,000 sf for five years at an estimated aggregate rent of $525,000. Schrago-Reynolds represented the owner.
In a 5,000-sf, six-year, estimated $450,000 lease at the same property, Schrago-Reynolds also negotiated for the owner with Mortgage Direct. Sarah Castor of Strictly Commercial represented Mortgage Direct.
Two other Maitland 100 leases negotiated by Schrago-Reynolds were the 6,000-sf, five-year contract to Kingsford & Rock P.A. with an estimated aggregate rent of $450,000. Bill Bywater of the Bywater Co. negotiated for the tenant.
Harvard Jolly Clees Toppe Architects of St. Petersburg, FL took 2,600 sf for five years at an estimated aggregate rent of $195,000. Jeff Bloom of NRT Coldwell Banker Commercial negotiated for the tenant.
"The Orlando office market has seen brighter days," Schrago tells GlobeSt.com. "Fortunately, even though deals are harder to get done than in year's past, we are still getting them done."
On corporate side, Crow's Orlando office is looking for a new executive to replace senior vice president Andy Petry who has resigned after 10 years to focus on Broward and Palm Beach real estate activity in the South Florida market. Petry headed Crow's property management and leasing portfolio for Florida.
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