Jewish Orthopedic Clinic Signs 11,000 SF Lease in Downtown Orlando
- Aug 13, 2012
Jewish Orthopedic Clinic will soon be moving to downtown Orlando, as it has recently signed a long-term lease for 11,000 square foot at The Lake Lurna Professional Center.
The lease was brokered by Lincoln Property Company Southeast with Jay Dixon, vice president, representing the landlord in the transaction and Darren Wagner, vice president at RJ King & Associates, representing the tenant.
The three-story Lake Lurna Professional Center, built in 1985, features 240 feet of Orange Avenue frontage and is located just south of Orlando Regional Medical Center (ORMC). The office building offers a total of 45,000 square feet.
“With its proximity to ORMC and its visible signage on Orange Avenue, this is an excellent site for Jewish Orthopedic Clinic,” Dixon said. “We are confident the company will thrive in this location and prove to be an ideal tenant for our client’s asset.”
According to Marcus & Millichap, tenant upgrades and limited expansion into larger spaces are expected to modestly improve the local Class A office segment, while owners of Class B and C properties will have to compete to strengthen operations during 2012. High-end buildings in the Downtown, East/UCF and Maitland submarket staged a respectable recovery in the past year.
Buoyed by the gradual improvement in property operations, deal flow is gaining momentum. Many recently signed leases run for five to seven years, compared with much shorter terms during the recession. According to the firm’s forecast, asking rents will also advance 1.1 percent in 2012 to $21.29 per square foot.
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