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ORLANDO-What has been a lackluster two quarters of leased office space in metro Orlando has changed dramatically with the signing of CHEP International Inc. to a 15-year, 144,000-sf class A office lease at the 176-acre, 835,000-sf Gran Park at SouthPark in south Orlando.

Flagler Development Co. of Jacksonville, FL, the park’s owner, and CHEP officials couldn’t be reached at GlobeSt.com’s publication deadline to learn the value of the lease in Building 200. But brokers intimate with the south Orlando submarket tell GlobeSt.com on condition of anonymity the quoted average rent is $23 per sf, making the estimated aggregate value of the CHEP lease $50 million.

The lease is the largest to date in metro Orlando. CHEP was leasing 61,000 sf in Building 200 but decided to take another 83,000 sf and the entire building as it grows its local workforce of 475.

CHEP moved its headquarters to Orlando from Park Ridge, NJ in 1996. Brambles Industries Ltd. of Sydney and Brambles Industries PLC of London jointly own CHEP.

CHEP initially occupied space in Highwoods Properties’ Landmarks Center on Robinson Street, Downtown but moved to South Park in 1999 when its staff expanded.

Advantis Real Estate Services Co. represented Flagler. Premier Nelson negotiated for CHEP.

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