Miami-based Banyan Street Capital just paid $62.75M for an office tower in downtown Orlando.
According to a recently recorded deed in Orange County, the private equity office investor bought 20 North Orange Avenue, a 279,780-square-foot office tower located in Orlando’s Central Business District.
The deal breaks down to about $225 per square foot.
Steelbridge 20 North LLC, the selling entity, is a partnership comprising funds managed by Apollo Global Management, and principals of Square2 Capital and Steelbridge Capital.
Records show the seller paid $34.75 million for the property in 2014. The 16-story tower, built in 1983, was 73% leased at the time. It’s located on the northwest corner of Central Avenue and Orange Avenue.
The sellers invested in the repositioning of the property, including adding multiple retail and restaurant storefronts along Orange Avenue, enhancing its streetscape and renovating its lobbies and common areas.
Cushman & Wakefield’s Mike Davis, Rick Colon, Rick Brugge, and Dominic Montazemi represented the sellers.
According to a press release by the brokerage the sellers brought occupancy up to 90% at the time of the sale. New tenants include Radixx, CI Group and Pipeline Orlando, along with renewals by its anchor Morgan & Morgan and Brighthouse Networks.
In a prepared statement, Davis said “even throughout COVID, demand for well-located quality urban assets with strong cash flows in the Sunbelt remained robust.”
The Miami-based office real estate owner-operator financed the deal with a $43 million loan from Bank of America.
Banyan Street Capital is a heavy investor of office properties along the east coast of the United States, with a 12 million-square-foot portfolio valued at $3 billion, according to its website. The company’s CEO, Rudy Prio Touzet, founded the business in 2007.