Cresa South Florida Negotiates 82,000 SF Orlando Lease

Cresa South Florida arranged a seven-year 81,857-square-foot lease renewal for Wells Fargo at One Orlando Centre in Orlando’s Central Business District. The building is now known as the Wells Fargo Bank Building. 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,” Prevé stated. “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.”

Prevé points to a growing trend in Corporate America—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.  

“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 says. “There were several instances where both parties needed to hit reset for the purpose of achieving a mutually beneficial business arrangement.”

Located at 800 North Magnolia Avenue, the 355,783-square-foot One Orlando Centre is a class A 19-story office 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.  

“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.”

Cresa South Florida recently hired seven new advisors to keep up with demand. The new hires span tenant office and industrial representation, project management, brokerage, accounting, market analysis, administration, and graphic design.   Source:  GlobeSt.

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