ORLANDO-Locally based Eola Capital has acquired the 356,000-sf, 19-story One Orlando Centre office building at 800 N. Magnolia Ave. for $90.6 million, or $255 per sf. The sellers were New York City-based the Praedium Group LLC and locally based Tower Realty Partners Inc. The broker on the transaction was Ron Rogg, of CB Richard Ellis.

The property, which is located in downtown Orlando and includes an eight-story parking facility, was 92% leased at the time of the sale, a leasing rate that rose significantly during Praedium and Tower’s holding of the asset. “We leased about 30% of the building during the time we held the asset,” Praedium director and head of the southern region Mark Lippmann tells GlobeSt.com. “We brought the vacancy from the low 80s to 92%. In our view, the asset was fairly well stabilized so it was a good time to sell.”

Lippman adds that Eola Capital was attracted to the acquisition of the property because it is a quality asset with a stable rent roll.

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

Praedium and Tower have partnered on 10 joint venture acquisitions and are continuing to pursue other joint venture opportunities. “We are in negotiations for several other properties in Central and South Florida,” Lippman says.

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