State Farm Preleases 52% of New Flagler Station Building

MIAMI-State Farm Mutual Automobile Insurance Co. has inked a lease for 61,507 sf, or approximately 52% of Building 1100, a four-story, 118,700-sf class A office facility under construction in Flagler Station. The value of the long-term lease is undisclosed. A second-quarter 2005 report from the local office of Jones Lang LaSalle projects rental rates in the building “in the $21.50-per-sf range.”

Jacksonville-based Flagler Development Co. owns Flagler Station, South Florida’s largest business park, which, at build-out, can contain more than 10 million sf of office, distribution and retail space. Building 1100, the first multi-tenant office building in the park, is scheduled for completion in June 2006. It joins a new 250,000-sf, build-to-suit office facility leased by Ryder Systems Inc. as its headquarters. G. John Carey, Flagler’s president, says the park “has additional entitlements in place for approximately 546,000 sf of office development.”

Bloomington, IL-based State Farm is the country’s largest insurer of cars and homes. Terry L. Beal, a founder and principal of Blackacre Advisors, headquartered in Chicago and New York City, represented State Farm in the lease negotiations. Stuart T. Gordon, SVP of Coral Gables-based Codina Realty Services, represented Flagler.