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ORLANDO-Flagler Development Co. will be sending Lockheed-Martin Corp. holiday greetings for sure this year. The nation’s largest defense contractor, based in Bethesda, MD, is taking another 8,682 sf of class A office space for its new regional office in 100 Gran Park at South Park.

That transaction brings its total quarters in the one-year-old, 100,000-sf building to 71,387 sf, or about 75% of the building, which is now at 97% occupancy.

Officials at Flagler, which owns the eight-building, 86-acre, one million-sf office campus at South Park, declined to disclose the value or terms of the lease.

But area brokers familiar with leasing activity at the 4,000-acre Orlando Central Park site on John Young Parkway, where South Park is located, tell GlobeSt.com on condition of anonymity the new lease is probably for 10 years at an estimated value of $1.91 million ($22 per sf).

The new lease comes three weeks after Lockheed took the entire third floor of the four-story structure in an estimated 10-year lease valued at $4.78 million.

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

Flagler Development is owned by Florida East Coast Industries, a spinoff in 2000 from Jacksonville, FL-based St. Joe Co.

Damien Madsen and John Guitar of Advantis Real Estate Services Co., Orlando, represented Flagler in the leasing transaction. Nan McCormick of CB Richard Ellis Inc., Orlando, negotiated for Lockheed-Martin.

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