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ORANGE-Two tenants of the Orange Financial office building have renewed leases at the facility, in deals worth a combined $7.5 million. The building, which encompasses 305,439 sf, is located at 701 Parker St.

In the larger of the two transactions, the medical insurance company Word & Brown has expanded their lease at the facility and will now occupy 54,717 sf there. The five-year deal is valued at $6.45 million. Word & Brown was represented by Mike Russell of Mohr Partners. The landlord, Arden Realty Inc., was represented in-house by Mike Latham.

Health insurance company Medical Specialties Managers has also renewed its lease at the building. According to the five-year, $1.05 million lease, Medical Specialties will continue to occupy 9,531 sf at the office facility. Kevin Leonard of Healthwest Realty Advisors represented the tenant. Arden was represented by Latham.

The two deals follow a $1.4 million office lease renewal that also occurred in Orange, as reported earlier today by GlobeSt.com. St. Joseph Professional Services Enterprises inked a deal for 22,932 sf at Orangewood Office Center.

Although office transactions in the county have been picking up in recent weeks, a report by Grubb & Ellis predicts the vacancy rate in the office market to continue to rise as the year progresses. In the first quarter alone, Orange County experienced a negative net absorption of 278,000 sf, the report says. Meanwhile, 2.9 million sf of office space is under construction.

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