Indra has been a tenant at the office park owned DenholtzAssociates, based in New Jersey, for eight years. The deal's rentalrate was not disclosed, but a spokeswoman with Southern CommercialReal Estate tells that the average office lease rate inthe area is $12.50 per sf NNN.


Tom McFadden and Bo Bradford, principals at Southern CommercialReal Estate Advisors, represented Denholtz Associates. Indra wasrepped by CNL Commercial.


University Corporate Center is currently 87% occupied. The parkconsists of seven single-story, multi-tenant buildings on 12.2acres. It is a half mile from the intersection of State Road 436and University Boulevard, and six miles from Downtown Orlando.


According to Marcus & Millichap's 2008 National OfficeReport, vacancy in the metro area will rise 60 basis points to11.5% this year. In addition, asking and effective rates areforecast to jump 3.6% to $22.59 per sf and $19.18,respectively.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.