The 92-month lease is valued at about $11 million, Jim Barton, a senior broker in the Orlando office of Dallas-based Mohr Partners Inc., tells GlobeSt.com. Barton and Mohr broker Jeff Lapinski negotiated for Lennar, along with Trammell Crow Co.'s Bob Orban and Dan Caligiuri. Greg Morrison of GVA Advantis represented Jacksonville-based St. Joe Co. which has owned 19-year-old 101 Southhall Center since April 2001.

Barton tells GlobeSt.com the lease brings the building's occupancy to 89% in the 5.59-million-sf, 62-building Maitland Center submarket which has an overall vacancy of 13.2% and 736,258 sf of vacant space, according to the most recent statistics from Advantis. Barton calls the leasing deal "a major shot to Maitland Center which has the highest vacancy rate within the Orlando [office] market."

Barton, a former LaSalle Partners senior executive in Orlando, says the transaction with Lennar took 10 months to complete, from a building search to contract signing and closing. "Lennar searched from the Orlando International Airport to Lake Mary [a northern Orlando suburb] and decided on Maitland for its more central location for their customers, clients and employees," Barton tells GlobeSt.com.

The broker says St. Joe recently renovated 101 Southhall Center, giving the property "a new look…with the remodeled atrium and a cascading waterfall" making it appear as if the structure is comprised of two buildings. "The atrium allows the different company divisions [of Lennar] to have separated spaces and identities," Barton says. "That sealed the deal for Lennar."

Five tenants occupy the building, paying an average net rent of $18 per sf.