Staubach's Stratman Brokers Estimated $8M in Lease Deals

Stratman's biggest deal covered a seven-year lease extension and expansion for the Brandon campus of Florida Metropolitan University in Building 4 at the seven-building, 375,928-sf Sabal Business Center in Tampa. Stratman negotiated for Corinthian Colleges Inc., the Santa Ana, CA-based parent of FMU.

The college renewed its 32,250-sf lease for seven years and expanded its space by 14,118 sf. The lease brings the occupancy level at the 20-year-old Sabal Business Center at 3924 Coconut Palm Dr. to 100%. The average asking base rent range is $13 to $15 per sf. The estimated value of the FMU lease and expansion is $4.5 million, area brokers familiar with the property tell GlobeSt.com.

Alice Grimms of Highwoods Properties Inc. represented the landlord, AP Southeast Portfolio Partners LP, in the lease transaction. Cal Peck, director of design and construction services for Staubach, is overseeing the project.

In Stratman's second largest transaction, he placed Richmond, VA-based LandAmerica Financial Group Inc. into 16,027 sf on the entire fifth floor of the 28-story, 378,000-sf Wachovia Tower at 20 North Orange Ave. in Downtown Orlando. The estimated five-year lease has an estimated aggregate rent value of $2 million, Downtown brokers familiar with the property, tell GlobeSt.com. The average asking base rent range is $22 per sf. The lease brings the property up to 73.9%.

John Gilbert of CB Richard Ellis Inc. negotiated for the landlord, Orlando Tower, LP. LandAmerica is moving from Signature Plaza at 201 S. Orange Ave., Downtown, where the firm occupied 10,000 sf on a temporary 10-month lease Stratman negotiated until the Wachovia space was ready.

Stratman tells GlobeSt.com the Wachovia transaction took six months to complete, from contract signing to closing. LandAmerica will have about 55 employees working in the new space. Stratman has negotiated 10 commercial real estate transaction for LandAmerica in the past three years.

In two other five-year lease transactions, Stratman negotiated for Great American Insurance Co. at two locations. The subsidiary of Cincinnati-based American Financial Group Inc. is taking 6,791 sf at 1060 Maitland Center Commons in Maitland and another 3,551 sf at 200 Colonial Center Parkway in Lake Mary. The deals have an estimated aggregate rent value of over $1 million, Stratman says.

The average asking base rent at two-year-old Colonial Center is $20 per sf; at 18-year-old Maitland Center Commons, $18.50 per sf. The leases bring occupancy at Colonial Center to 96%; at Maitland Center, 75%. Jason Kaiser of Trammell Crow Co. negotiated for Maitland Center's landlord. Sandy Chase represented Colonial Properties Trust, owner of Colonial Center Parkway.