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
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.
Players
Orlando Office Market Snapshot
Boundary boundary · Office · Lease transactions
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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