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ORLANDO-Lockheed-Martin Corp., the nation’s largest defense contractor, is setting up a regional office in 100 Gran Park at South Park, south Orlando, leasing 21,716 sf and boosting that 100,000-sf building’s occupancy to 95%.

The move comes as Bethesda, MD-based Lockheed reports a second-quarter profit of $144 million, up 243% from $42 million in the same 2000 period.

Lockheed’s Orlando division employs 7,000 out of a total 120,000-person company work force worldwide and designs missile systems, training simulators, information technology and space-launch services.

Officials at Flagler Development Co., which owns the one million-sf Gran Park campus at Orlando Central Park, declined to disclose the value or terms of the lease. But area brokers familiar with leasing activity at the 4,000-acre OCP site tell GlobeSt.com on condition of anonymity the full-service lease is probably for 10 years at an estimated value of $477,752 per year ($22 per sf) or $4.78 million for the full term.

Jacksonville, FL-based Flagler is owned by Florida East Coast Industries of St. Augustine, FL. Florida East Coast was spun off from Jacksonville-based St. Joe Co. in 2000.

St. Joe Co. developed the eight-building, 86-acre Gran Park at South Park for Flagler at an estimated hard construction cost of $125 million.

Nan McCormick of CB Richard Ellis Inc. negotiated for Lockheed-Martin. Damien Madsen of Advantis Real Estate Services Co. represented Flagler.

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