Commercial Real Estate, Capital, Insurance, Leasing & Management

Orlando Business Journal: Historic downtown Orlando building fetches millions as office market sees ‘gradual recovery’

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A nearly 100-year-old office building that is home to underground bar Tanqueray’s in its basement and once hosted Walt Disney‘s office on its top floor has sold to a New England firm.

FoxRock Orlando 100 Realty LLC, a firm related to Quincy, Massachusetts-based property management company FoxRock, on Oct. 19 paid $9.79 million for the Metcalf Building, a 39,256-square-foot office tower with ground floor retail at 100 S. Orange Ave., according to Orange County records. Before it sold, the building was slated to be listed for $10.5 million.

One of the biggest challenges of the sale was finding comps for the historic property at the corner of Orange Avenue and Pine Street, said Stephen Sambol, an attorney at Orlando-based Mateer & Harbert and one of the previous owners. “There are very few like it, if any.”

David Lee, senior director of leasing services in Orlando for Tampa-based Franklin Street Capital Advisors LLC, represented FoxRock. Franklin Street Capital Advisory Director Laura Gonzales arranged financing for the buyer.

Meanwhile, the buyer, FoxRock owns at least 35 commercial properties, but they’re all in Massachusetts or Rhode Island except for a lone office building in West Palm Beach, according to the company’s website.

The Metcalf Building acquisition is a chance to expand its Florida holdings, FoxRock Director of Business Development Bryan Guidicelli told OBJ. ”Orlando, in particular, is a market that is experiencing a lot of growth, and we believe this property is well-positioned to benefit from that growth.”

Read more from Orlando Business Journal.

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