Business

CP Group Signs 50 KSF Office Renewal in Orlando

23 hours ago admin

The tenant occupies space within a 1,000-acre business park. The post CP Group Signs 50 KSF Office Renewal in Orlando appeared first on Commercial Property Executive.

Exterior shot of Resource Square III, a three-story building with white and brown facade. The building is surrounded by parking spaces. — Resource Square III rises five stories and came online in 2003. *Image courtesy of CommercialEdge*

General Dynamics has renewed a 50,368-square-foot lease at Resource Square III, a 154,161-square-foot office building in Orlando, Fla. CBRE represented the tenant, while JLL worked on behalf of the landlord, CP Group.

The low-rise is part of a two-building campus spanning 245,000 square feet. Located at 12001 Research Parkway within the Central Florida Research Park—a 58-building, 1,027-acre business park—the property is some 14 miles from downtown Orlando.

CP Group acquired the complex in January 2020 for $50.4 million from TerraCap, according to CommercialEdge information. The company also assumed the $25.7 million outstanding balance of a loan originated by Synovus Bank in 2018.

LISTEN TO: How Would Employees React to Return-to-Office Rules?

Orlando’s office vacancy rate at the end of February clocked in at 16.9 percent, 20 basis points lower year-over-year, according to a recent CommercialEdge office report. The metro’s listing rate of $28.3 was 17.4 percent higher compared to February 2024.

A renovated office campus in Orlando

CP Group implemented extensive upgrades at the campus, including outdoor seating, lakefront gazebo, lobby and common-area improvements, as well as customized move-in-ready spec suites. Other amenities include fitness centers in both buildings, food trucks and nature trails.

The five-story Resource Square III came online in 2003. The low-rise has floorplates averaging 30,833 square feet and more than 770 parking spaces, as well as three passenger elevators.

The other facility, Resource Square I, spans 90,667 square feet. Completed in 1999, the three-story building has floorplans averaging 30,222 square feet, two passenger elevators and more than 450 parking spaces.

CBRE Senior Managing Director Diane Drobia and Senior Vice President Chris Sproles represented the tenant. JLL Senior Associate Madison Kimbell brokered the deal on behalf of the landlord.

The post CP Group Signs 50 KSF Office Renewal in Orlando appeared first on Commercial Property Executive.