Insurance Company Grabs Chunk of 500 TownPark
- Aug 07, 2015
The official ground breaking date at Piedmont Office Realty’s 500 TownPark outside Orlando is months away, but the real estate company has already secured a tenant for a large part—if not all—of the upcoming office building.
The Johns Creek, Ga.-based company and its local development partner, Providence One Partners, announced the completion of the largest office lease in Lake Mary to date in 2015. Continental Casualty Co. (CAN) signed a 13-year lease for 108,000 square feet—or 80 percent — f the soon-to-be-built 500 TownPark, which will break ground in December. The commercial insurance company will relocate into the 135,000-square-foot Class A office building from its regional center in Maitland, Fla., which employs approximately 600 people. The lease will start in 2017 or around the office building’s estimated completion date, according to Piedmont.
500 TownPark will be developed as part of a 20-acre development dubbed TownPark Commons. The complex will be situated at the intersection of I-4 and 417 and will initially include up to three Class A office buildings totaling approximately 800,000 square feet with structured parking, as well as a hotel with 250 guest rooms and 100,000 square feet of retail space. The $218 million project will also feature a public plaza and an integrated walkable environment adjacent to Colonial TownPark.
“Lake Mary continues to be one of the fastest growing submarkets in Orlando in part due to its location, attractiveness of its infrastructure, high quality schools and overall environment,” said George Wells, senior vice president with Piedmont. “In the past 18 months, both Verizon and Deloitte absorbed roughly 330,000 square feet combined and equating to more than 2,000 jobs to the area—which, along with the CNA lease at 500 TownPark, plays into the trend of technology and professional services seeking out space in this bustling corridor.”
The lease transaction was brokered by Greg Morrison and Scott Pamplin of the Orlando office of Avison Young on behalf of Piedmont. CNA was represented by James Buddrus, chief operating officer & managing principal with Swearingen Realty Group in Dallas.