Cruise Line Renews for Nearly 209,000 SF

Hines senior vice president Michael Harrison tells GlobeSt.com that approximately 26,000 sf represents expansion space for NCL. "NCL looked at many options including relocating to other areas, but concluded that this was a main location from which to conduct its business," Harrison says.

James Travers, of Travers Realty, represented the tenant in the transaction and Hines asset manager Gonzalo Cortabarria represented the property owner, Houston-based Hines REIT Inc. NCL is planning to renovation the space, including adding a cafeteria, fitness center and conference facility.

With the agreement, NCL now leases approximately 20% of the Airport Corporate Center, including all of Building 11 and 65% of Building 10. Since acquiring Airport Corporate Center in January, Hines has completed approximately 300,000 sf in new leases, renewals and expansions. It was Hines' first acquisition in Florida. "We secured roughly 30% of the building with long-term tenants," Harrison says. "This really helps us to set up a predictable stable cash flow for this asset."

The 45-acre office park has 11 buildings with just over one million sf. The property also includes a 5.46-acre development site that could accommodate an additional 146,000 sf of office space. Of the 11 buildings, six are multi-story office buildings, four are single-story office flex buildings and one is a warehouse. The property is now 94% leased to tenants including Assurant Health, Assurant Benefits, General Electric, United Health Care, Bell South, Tyco Health Care and URS.

Harrison adds that Hines is working on several sizable lease transactions, which it hopes to secure by year-end. With the new leases, the building would be 96% occupied, he says.