Miami, FL, March 26, 2015 --(PR.com
)-- As Orlando’s office market continues to recover, Cresa South Florida has arranged a seven-year 81,857-square-foot lease renewal for Wells Fargo at One Orlando Centre, now known as the Wells Fargo Bank Building, in Orlando’s Central Business District.
Cresa Managing Principal David Prevé represented Wells Fargo. John Gilbert, Managing Director for JLL in Orlando, represented the landlord, Parkway Properties. Financial terms of the deal were not disclosed.
“Wells Fargo’s requirement was a sizable requirement for Greater Orlando, and especially for the CBD. In line with an ongoing trend in Corporate America, a fundamental business driver for the financial institution was to achieve corporate efficiency metrics that supported the organization’s strategic business objectives,” said Prevé.
“With large and sophisticated corporate space occupiers such as Wells Fargo there are many nuances involved during negotiations that experienced landlords are attuned with addressing beyond the typical lease economic negotiations,” Prevé continued. “There were several instances where both parties needed to hit reset for the purpose of achieving a mutually beneficial business arrangement.”
Prevé points to a growing trend in Corporate America whereas workplace strategy is driving the particulars of how transactions are structured. According to CoStar, tenants—particularly larger public firms—are downsizing their offices as they adopt policies for sharing non-dedicated offices and implementing technology to support employees’ ability to work any time and any place. A University of San Diego, Burnham-Moores Center for Real Estate study reveals a clear trend toward working in third places and more collaborative workspace and functional project teams.
“Office markets are tightening. Costs are rising dramatically relative to the cost of office space,” says Prevé. “Because Cresa was founded by former corporate real executives, our advisory methodology goes beyond the obvious deal mechanics. We are collaborating with some of the most progressive organizations in the development of workplace strategies that support both the expense and productivity equation of space.”
Located at 800 N. Magnolia Avenue, the 355,783-square-foot One Orlando Centre is a class A 19-story building with panoramic views in the heart of Downtown Orlando. Built in 1987, the office building is located just north of SR 50 between Orange Avenue and Magnolia Avenue with convenient access to Interstate 4. The location offers excellent access to the CBD as well as to Winter Park and Maitland.
Cresa is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Corporate Solutions, Portfolio Strategies, Location Planning, Lease Administration, Capital Markets, Mission Critical Solutions, and Facilities Services. With more than 58 offices, Cresa is the largest tenant representation firm in North America. For more information, visit www.cresa.com.