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ORLANDO-Continuing to grow its business in a sluggish economy, locally based timeshare developer Fairfield Communities Inc. is adding 17,000 sf to its existing 97,000-sf world headquarters space at Flagler Development Co.’s flagship office venture, the 835,000-sf, 174-acre, Gran Park at South Park in south Orlando.

Flagler officials wouldn’t disclose lease terms or occupancy figures. Area brokers estimate the eight-building campus is 90% leased.

Fairfield’s space is in the 190,221-sf Building 500 where it occupies 60% of the building. Orlando-based Schwartz Electro-Optics Inc., the only other tenant, occupies 76,221 sf on an estimated 10 year lease signed in September 2001 for about $15 million, according to GlobeSt.com research. That lease brings Building 500 to 100% occupancy.

Based on an October 2001 lease, when Fairfield initially took 97,000 sf on an estimated 10-year lese for an aggregate value of about $19 million or $20 per sf, area office brokers tell Globe St.com on condition of anonymity the 17,000-sf expansion at an estimated $23 per sf would have an aggregate value of about $3.91 million.

That would give Fairfield’s total 114,000-sf lease an estimated value of $24 million.

St. Augustine, FL-based Flagler has the distinction of having signed the largest office lease of the year to date in July when it put CHEP International Inc. of Sydney, Australia into 144,000 sf in Building 200 for 15 years at an estimated total rent of $50 million.

Another big-name tenant, Lockheed-Martin Corp., occupies 71,387 sf on an estimated 10-year lease in the 100,000-sf Building 100.

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