The Orlando-based developer, Tavistock Development Co. is planning for a new 120,000-square-foot office building in the Lake Nona Town Center. It’s the third office project in the $780 million, 3.8 million-square-foot, mixed-use town center that #Tavistock is developing in partnership with Columbus, Ohio-based Steiner + Associates.
#Construction is expected to begin before the end of the year.
“Leasing for the building is going very well,” Senior Sales and Leasing Associate Ginger Vetter said in a statement about the second building, which has yet to open. “We expect to announce another regional headquarters and other tenants soon. With the momentum from this building, we’re moving forward with another new, Class A office building.”
The third building’s general contractor is Barton Malow Co., and the architect is a partnership between Gensler and HuntonBrady Architects. Tavistock spokesperson Karlee Kunkle declined to say whether or not a tenant had been signed for the third building or what percentage of the second building has been leased.
The third building’s revelation comes after the second building — an estimated $20 million, Class A 155,000-square-foot, six-story office building at the southwest corner of Veteran’s Way and #Lake Nona Boulevard — topped out in March. The second building, called Town Center Office II, is part of the town center’s $300 million Phase 2A. The building was slated to be completed by the end of this year.
So far, BBA Aviation Plc., parent company to Signature Flight Support in Orlando, has signed a 65,000-square-foot lease inside Town Center Office II.
It’s no surprise that there’s interest in the airport/Lake Nona office submarket as average Class A office rents are $30.18 per square foot — the highest in Central #Florida and ahead of Orlando’s average of $25.93 per square foot, Cushman & Wakefield (NYSE: CWK) reported. Part of the demand for office space might have to do with Lake Nona’s growing Medical City, which could be spurring other businesses to relocate to the area to serve that new employment base, said Nicole Barry, vice president and director of operations at Tower Realty Partners Inc.
Meanwhile, construction continues on the second phase of Lake Nona Town Center. Orlando Business Journal previously learned about three dozen major retailers — from American Eagle Outfitters (NYSE: AEO) to Dick’s Sporting Goods (NYSE: DKS) — are lining up for a spot inside the town center. Tavistock wouldn’t confirm any of the potential retailers as tenants, but the company recently announced that Dallas-based #luxury cinema Cinepolis USA will open a nine-screen, 40,000-square-foot cinema in 2020 in the town center.
The fast-growing community in southeast Orlando boasts more than 11,000 residents, 5,000 employees and 14,000-plus students at its schools.