X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.