Johns Creek, GA-based Piedmont Office Realty Trust, Inc. has entered into a binding agreement to purchase approximately 25.2 acres of land adjacent to its 400 TownPark property in Lake Mary, FL.
The land is located within a mixed-use development at the intersection of Interstate 4 and Highway 417 that consists of office, retail, residential and a hotel. The Company says it believes the site will become more desirable over the next several years upon the completion of Orlando’s ring road, which has been fully approved and runs adjacent to the property.
The site will accommodate over 650,000 square feet of office space and is currently entitled for approximately 160,000 square feet of office space. The acquisition adds to the Company’s developable land holdings and allows the Company to control a site that is directly competitive to 400 TownPark.
Constructed in 2008, 400 TownPark is a Class-A property at 400 Colonial Center Parkway in Lake Mary, FL. Piedmont acquired the five-story, 175,674 square-foot office building from Colonial Properties Trust for approximately $23.8 million in 2011.
Mitsubishi Hitachi Power Systems signed a new lease for 75,321 square feet at 400 TownPark in the third quarter. The lease is expected to commence in the first quarter of 2015. The company lists Farmers Insurance as the building’s primary tenant.