ORLANDO—It's the largest office lease in Lake Mary so far this year. Providence One Partners and Piedmont Office Realty Trust just closed a 108,000-square foot deal with Continental Casualty Company at the soon to-be-built 500 TownPark building in Colonial TownPark.
That makes Continental the anchor of the 135,000-square-foot class A office building, which is scheduled to break ground in December. Continental will use the office space for its Florida regional offices and house about 600 employees. The Continental announcement comes on the heels of Mitsubishi Hitachi Power Systems' relocation to 75,000 square feet at Piedmont's neighboring 400 TownPark building this past March.
“Lake Mary continues to be one of the fastest growing submarkets in Orlando in part due to its location, attractiveness of its infrastructure, high quality schools and overall environment,” says George Wells, senior vice president at Piedmont. “In the past 18 months, both Verizon and Deloitte absorbed roughly 330,000 square feet combined and equating to more than 2,000 jobs to the area—which, along with the CNA lease at 500 TownPark, plays into the trend of technology and professional services seeking out space in this bustling corridor.”
The site for 500 TownPark and adjacent acreage will be developed as TownPark Commons. Located at the intersection of Interstate 4 and 417, the 20-acre development will initially include up to three class A office buildings totaling up to about 800,000 square feet with structured parking, a 250-room hotel, plus 100,000 square feet of retail.
Greg Morrison, principal and managing director of Avison Young's Orlando operations, and Scott Pamplin, vice president with Avison and president of the Downtown Orlando Partnership, are marketing the 500 TownPark building and TownPark Commons project. Morrison says, “Lake Mary's lack of large available spaces and the falling vacancy rate in Orlando overall are fueling interest in the new building and TownPark Commons.”
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