A joint venture sold its 356,000-square-foot office tower in Orlando, Fla., for $90.6 million, reportedly a record price per square foot in that market.
The Praedium Group LLC and Tower Realty Partners Inc. commanded $255 per square foot from buyer Eola Capital, a price that beat the previous record by more than 10 percent, according to a press statement.
The 19-story property, One Orlando Centre, was built in 1987 and includes an adjacent eight-story parking facility.
At the time of sale, the property was 92 percent leased, an increase from its low of 72 percent since Praedium and Tower’s acquisition.
“Central Florida has been a very active market for us. We continue to look to expand our presence in this area,” Mark Lippmann, director and head of the southern region at Praedium, said in a statement.