The building, having an estimated construction value of $30 million or about $150 per sf, is expected to break ground June 15 on a site off the County Road 46A exit of Interstate 4 in Lake Mary. The lease transaction and the ground-breaking were scheduled to be announced today.
Terms of the lease weren't disclosed by either Fiserv or Birmingham, AL-based Colonial Properties Trust, the park's developer. But office brokers familiar with the hot, suburban Lake Mary, FL submarket tell GlobeSt.com on condition of anonymity the lease should have an aggregate gross value of $46 million over at least 10 years based on a full-service rent of $23 per sf.
Kathy Lesiuk of Strictly Commercial Inc., Orlando, negotiated the lease for Fiserv CBS Worldwide, a subsidiary of Nasdaq-traded Fiserv Inc. of Brookfield, WI. Tom Green, Colonial Properties Trust senior vice president, represented the developer.
Fiserv CBS is the fourth largest software developer in Orlando. The company will use Colonial Center 600 as its division headquarters, housing 600 employees from its domestic and international sectors.
In a prepared statement, Fiserv CBS president Alex Groenendyk says the company's growth over the last 11 years challenged its space planners. "We have wanted to consolidate our offices into one property, but we have waited until we found a location that will not only improve operational efficiency, but also our quality of life," he says. "Lake Mary is garnering national attention as a premier area for business."
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