Locally based Tower Realty Partners Inc. partnered with Praedium on the deal. Reckson had owned the 19-year-old property for a little more than a year, according to GlobeSt.com research.

The building's 87% occupancy was a factor in the acquisition. "This investment presented an opportunity to purchase a high-quality asset with an above-market vacancy rate," Praedium vice president Mark Lippmann says in a prepared statement.

The acquisition was Praedium's seventh in metro Orlando. In May 2005, the company paid locally based OABC Ltd. $17.25 million, or $97.45 per sf, for the Orlando Airport Business Center. The 177,000-sf, 96%-leased property is at 5730-5892 S. Semoran Blvd., as GlobeSt.com previously reported. In November, Praedium acquired the 130,887-sf, 85%-leased Longwood Business Center from Union Park Partners Ltd. for $13.75 million or $105 per sf.

One Orlando Centre was originally called Olympia Place when it was developed by Toronto-based Olympia & York Corp. It was renamed in 1994 when the Stein Group of Miami and Orlando bought the property. Prior to the acquisition of One Orlando Centre by Praedium, the only activity at the Downtown site was the February 2004 sale of an adjacent 3.5-acre parcel. GDC Properties Inc. of Hawthorne, NY paid the Stein Group $2.6 million, or $742,857 per acre, for that site at Marks Street and North Orange Avenue, as GlobeSt.com previously reported. GDC had planned to erect 30,000 sf of office, 20,000 sf of retail and about 250 apartments and condominiums on the property.