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20 N Orange Ave, Orlando, F...

Updated Oct 29, 2024

Pipeline Workspaces Leases Office Space In Orlando To Steelbridge Capital
LEASEDOffice

Pipeline Workspaces Leases Office Space In Orlando To Steelbridge Capital

20 N Orange Ave, Orlando, FL, 32801

Building Size

11,471 SF

Asset Type

Office

Closing

Oct 19, 2017

About this deal

AI

The property at 20 N Orange Ave, Orlando, FL, 32801, formerly known as Well Fargo Tower, was acquired by Steelbridge Capital for $34.8 million in October 2014. The 16-story, Class A office building underwent extensive renovations post-acquisition, featuring a new lobby design, upgraded finishes, modernized elevators, 24/7 security, a café, full-service banking, and on-site property management and engineer staff. Additionally, the property includes amenities such as a car detailing service and two attached parking garages with covered sky bridges.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not specified
  • Tenant: Pipeline Workspaces
  • Square Feet: 11,471
  • Market: Orlando
  • Tenant's Rep: Michael (Mike) Phipps (CBRE)
  • Landlord: Steelbridge Capital

Yvonne Baker, regional managing partner for Orlando and Jacksonville at Franklin Street, alongside Nicole Willerer, director of office and industrial agency leasing, represented the landlord in the lease negotiations. On the other side, CBRE's Senior Vice Presidents Mike Phipps and Shay Pope worked on behalf of the tenant, Pipeline Workspaces. This lease signifies Pipeline Workspaces' expansion into their sixth office location, adding to their existing presence in Florida and Philadelphia.

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Players

Michael Phipps

CBRE

Broker

4 deals

Broker
SC
Steelbridge CapitalLandlord
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Orlando Office Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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