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CELEBRATION, FL-Duke Realty Corp. has brought its four-building, 268,143-sf, class A Celebration Office Center to 97% occupancy with the signing of Ginn Development Co. The locally based company inked a 37,264-sf, six-year deal at the two-story, 80,337-sf Celebration Office Center II. The lease also brings Celebration II to 100% occupancy.

Duke representatives declined to disclose the estimated total value of the transaction. However, area brokers familiar with the Celebration submarket in Osceola County tell GlobeSt.com the lease probably has an effective full-service rent of about $19 per sf. That would place the estimated aggregate rent at the $4.25 million level, brokers speculate.

Celebration Office Center, at 1170 Celebration Blvd., is 20 miles south of Downtown Orlando and 10 miles east of Walt Disney World. Duke has owned the property since 1999, Kyle Armentrout, a Duke leasing representative, tells GlobeSt.com. He declined to disclose how many tenants are at the center. The deal took three months to complete, from contract signing to closing.

In a prepared statement, Doug Irmscher, senior vice president of Duke’s Florida operations, says Celebration Office Center has “very limited available space” and anticipates “continued demand from users seeking a class A office environment surrounded by executive housing and such a prestigious address.” Disney Development Co. created the city of Celebration 10 years ago.

Jeff Patterson and Ashley Roby at Lincoln Property Co.’s Orlando office negotiated for Ginn Development, a developer of resort and golf course properties in Florida, South Carolina and St. Thomas. John Gilbert and Shipley Hall of CB Richard Ellis Inc.’s Orlando office represented Duke.

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