The new structure will be built next to a $9.5 million,60,000-sf office-educational complex Flagler will start building inFebruary for Santa Ana, CA-based Corinthian Colleges Inc.Corinthian's Florida Metropolitan University will occupy thebuild-to-suit when it is completed in late 2003.
Corinthian will be leasing the property from Flagler on along-term contract at undisclosed terms. Area brokers intimate withthe south Orlando office submarket tell GlobeSt.com on condition ofanonymity the lease, estimated at 10 years, will have an aggregaterent value of about $12 million, based on an average $20per-sf-rent.
Despite a sluggish construction market, Flagler anticipates thetwo buildings will generate owner interest for other newdevelopment in the 176-acre business park planned for 2.9 millionsf of office and commercial space.
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