The property, which is located in downtown Orlando and includesan eight-story parking facility, was 92% leased at the time of thesale, a leasing rate that rose significantly during Praedium andTower's holding of the asset. "We leased about 30% of the buildingduring the time we held the asset," Praedium director and head ofthe southern region Mark Lippmann tells GlobeSt.com. "We broughtthe vacancy from the low 80s to 92%. In our view, the asset wasfairly well stabilized so it was a good time to sell."

Lippman adds that Eola Capital was attracted to the acquisitionof the property because it is a quality asset with a stable rentroll.

Praedium and Tower acquired the building over a year ago fromReckson Associates Realty Corp. as a value-added opportunity for$70 million, or $197 per sf. Reckson had owned the property for alittle more than a year. One Orlando Centre was originally calledOlympia Place when it was developed by Toronto-based Olympia &York Corp. "Our business plan helped to attract quality tenantswhich enabled us to achieve record pricing for this asset," saysCliff Stein, of Tower Realty Partners.