Commercial Real Estate, Capital, Insurance, Leasing & Management

CenterState Expands Orlando Footprint

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Florida’s largest community bank leased 10,299 square feet of office/retail space at 20 North Orange, a 16-story, newly renovated tower located in Orlando’s CBD.

CenterState Bank will expand its operations by moving its downtown branch to a newly renovated office tower located at the corner of Orange Avenue and Central Boulevard in Orlando, Fla. Once the space is built out, the bank will also be consolidating a smaller nearby branch, opening new corporate office space for 30 employees. The 10,299-square-foot lease includes anchor tenant signage.

Built in 1983, the 16-story, 276,868-square-foot 20 North Orange was recently renovated, with further improvements to the streetscape to be completed as well. According to Yardi Matrix, Steelbridge Capital acquired the 16-story asset for $34.8 million in October 2014. The property features a new lobby design and finish upgrades, modernized elevator, state-of-the-art security system, 24/7 security staffing, on-site property management and engineer staff, café, tenant conference room and a car detailing service.

Franklin Street’s Regional Managing Partner Yvonne Baker and Nicole Willerer—director of office and industrial agency leasing—represented the building’s owner, Steelbridge Capital. CBRE’s Nan McCormick and Amanda McClure represented the tenant in the transaction.

“The move by CenterState highlights the dynamic economic growth underway in downtown Orlando, which is helping drive significant local investment and job creation across the Central Florida region,” said Baker in a prepared statement. “(The property)’s ideal location and amenities helped to influence CenterState’s decision to move into the building. The improvements made by Steelbridge have increased the value of this asset and created an ideal place for this relocation and expansion.”

Orlando CBD government buildings, entertainment venues and hotels are located within walking distance of the property that also has direct access to major thoroughfares, including Interstate 4 and Florida State Road 408.

In October 2017, Franklin Street negotiated a long-term lease for Pipeline Workspaces, a national shared-workspace provider, which occupied 11,471 square feet of office space in the same property.

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