Flagler officials say they can't disclose the aggregate value of the lease because of confidentiality clauses in the contract but confirm the deal is a five-to-seven-year lease. The average asking gross rent range for the area is $18 to $22 per sf. Brokers familiar with the submarket tell GlobeSt.com the estimated aggregate value of the lease is $2.5 million.

The transaction brings the overall occupancy level at the 1,000-acre Flagler Center, where Lakeside Two is located, to 95%. The park has one million sf of rentable space.

"With expansive growth in this area of Jacksonville, Flagler wanted to deliver new product to meet expected demand," says Flagler president G. John Carey. "The lease with GMAC is a great way to launch this building." Bruce Jackson of CB Richard Ellis Inc. negotiated for GMAC. Ross Carrier, senior leasing director at Flagler, represented his company.