Avison Young Takes On Spec Office Building

The Piedmont-built property, the first speculatively built Class A space in Florida’s Seminole County since 2008, is located within a walkable mixed-use development.
500 TownPark (Right)
500 TownPark (Right)

Lake Mary, Fla.—Piedmont Office Realty Trust, in conjunction with Providence One Partners, has developed 500 TownPark, a four story, 135,000-square-foot Class A office building in Lake Mary, Fla.

Located at 500 Colonial Center Parkway, the property is the first office building of its class delivered in Seminole County with any speculative space since 2008. Avison Young is marketing the building.

The property is strategically located within Colonial TownPark at the intersection of Interstate 4 and State Road 417, adjacent to TownPark Commons, which Piedmont is also developing. TownPark Commons is projected to include up to three Class A office buildings totaling up to approximately 800,000 square feet with structured parking, a 250-room hotel, and 100,000 square feet of retail.

“TownPark is a walkable mixed use development, with retail, restaurants, hotels and apartments; very unique for the Orlando market,” Greg Morrison, Avison Young’s principal and managing director of the firm’s Orlando operations, told Commercial Property Executive. “Also the location at I-4 and SR 417 provides great access for employees from all over the Orlando area; SR 429 will be connecting at that interchange in four years, which will make it the best office location in the region.”

Earlier this month, the new building’s anchor tenant, CNA, moved into 108,000 square feet, spanning three full floors to house its Florida regional offices. The Avison Young team is focusing their marketing and leasing efforts on the remaining 27,000 square feet, which represents the first floor of the office building.

TownPark Commons will feature high quality common areas including a public plaza and an integrated walkable environment adjacent to Colonial TownPark.

“Large employers are more and more focused on providing a great environment for their employees to work in as it improves productivity and employee retention,” added Morrison. “The surrounding residential neighborhoods are top-notch and the Seminole County Public School system is one of the highest rated in the state.”

Orlando’s Lake Mary submarket ended the fourth quarter of 2016 with more than 280,000 square feet of absorption and approximately 9 percent vacancy in Class A assets.