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ORLANDO-In a deal that will keep it in its headquarters space for another five years, Indra Systems has renewed its lease at University Corporate Center in Winter Park. The company’s deal is for 20,800 sf.

Indra has been a tenant at the office park owned Denholtz Associates, based in New Jersey, for eight years. The deal’s rental rate was not disclosed, but a spokeswoman with Southern Commercial Real Estate tells GlobeSt.com that the average office lease rate in the area is $12.50 per sf NNN.

Tom McFadden and Bo Bradford, principals at Southern Commercial Real Estate Advisors, represented Denholtz Associates. Indra was repped by CNL Commercial.

University Corporate Center is currently 87% occupied. The park consists of seven single-story, multi-tenant buildings on 12.2 acres. It is a half mile from the intersection of State Road 436 and University Boulevard, and six miles from Downtown Orlando.

According to Marcus & Millichap’s 2008 National Office Report, vacancy in the metro area will rise 60 basis points to 11.5% this year. In addition, asking and effective rates are forecast to jump 3.6% to $22.59 per sf and $19.18, respectively.

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