With the Academy's newest expansion, locally based Tower Realty Partners Inc. and New York-based DRA Advisors have made their $11.5-million investment in 2001 pay off in a 100%-leased, class A building at 8511 and 8523 Commodity Circle. Banco Popular North American occupies 5,000 sf of ground-floor space.

The class A culinary school, first of its kind in metro Orlando, is being developed by publicly traded Career Education Corp. of Hoffman Estate, IL and the Paris-based Le Cordon Bleu chefs training institution. The school opened in Orlando in July 2002 with a 150-seat training restaurant.

The Academy initially leased 52,750 sf when Towers Realty and DRA purchased the building in December 2001 from Simmons Vedder Co. of Austin, TX for $87.12 per sf. Area office investment sales brokers tell GlobeSt.com the structure could yield over $100 per sf today to asset-hungry real estate investors.

Reid Berman, a principal with Towers Realty, negotiated the Culinary Academy's lease expansion for his firm. Gregory Katz of Studley Inc. represented the tenant.