The global manufacturer met its deadline, thanks to brokers Scott Pamplin of the Staubach Co.'s local office and Heidi Adams of locally based McFadden Realty Advisors. They found the space for Sara Lee at Oracle Corp.'s Orlando headquarters in the 18-year-old, 138,506-sf Citadel II building at 5955 TG Lee Blvd.
In a year-end deal, Sara Lee is taking 7,440 sf on a 51-month lease valued at $350,000. Sara Lee is subleasing the space from Oracle which occupies the first, fourth, fifth and sixth floors of the six-story structure near Orlando International Airport. The lease brings Citadel II to 100% occupancy.
Penn Florida Realty Corp. of Boca Raton owns the building where average asking full-service base rents are $16 to $18 per sf. Pamplin tells GlobeSt.com there will be a total 35,000 sf of sublease space available in Citadel II after Sara Lee moves in. The Oracle space for Sara Lee was "ideal because the space was all ready built out and no tenant improvements were needed," Pamplin says.
The Sara Lee deal took two months to complete, from contract signing to closing. Pamplin says there were no special environmental or government challenges that tenant or landlord had to overcome before closing the transaction. Sara Lee operates in 58 countries, markets branded products in 200 nations and has 150,400 employees worldwide.
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