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501 Church Street

Updated Dec 4, 2024

LEASEDOffice

Piedmont Office Realty Trust Leases 182,000 SF Orlando Office To Travel & Leisure

501 Church Street

Building Size

182,000 SF

Asset Type

Office

Closing

May 15, 2024

About this deal

AI

The property at 501 Church Street in Orlando is an office building spanning 182,000 square feet. The lease transaction involves the landlord, Alex Valente & Ben Mullenix of Piedmont Office Realty Trust, and the tenant, Travel + Leisure.

Summary of transaction details:

Piedmont Office Realty Trust secured the lease with Travel + Leisure at 501 Church Street in Orlando, marking a significant transaction as the largest downtown office lease since 2019. The City approved over $6 million in incentives for the relocation, and Travel + Leisure is set to employ over 900 individuals at the site beginning in 2025.

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Players

Greg Katz

Stream Realty Partners⁠

Broker

7 deals

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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

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