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JACKSONVILLE, FL-Flagler Development Co.’s prized Deerwood office park, approaching 100% occupancy, will reach another milestone in July 2005 when Deerwood North 400, the final building in the eight-building, one-million-sf campus is open for occupancy.The estimated $17-million building is expected to lease up quickly, based on the success of a sister building, Deerwood North 300. Completed in January of this year, the 300 building is expected to top 95% occupancy by year end. The 400 building is slated for a July 2005 completion.

“Deerwood North 300 exceeded our leasing expectations and we expect Deerwood North 400 to have similar success,” says Flagler president G. John Carey. He projects occupancy in the entire Deerwood Park will be at least 93% at year end.

“Deerwood has always been a very strong office market for Flagler,” Carey says. “With very little available space in Deerwood, this building is needed to accommodate our existing tenant base and potential new tenants.” The average asking base rent in the Butler/Baymeadows submarket is $18.29 per sf with a range of $16.50 to $25.81 per sf.

Deerwood North, formerly Gran Park at Deerwood, is located in Deerwood Park at the intersection of Southside Boulevard and Touchton Road, north of J. Turner Butler Boulevard. Deerwood North currently consists of three buildings totaling 382,000 sf.

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