Two of downtown Orlando’s historic landmark buildings, including one of the city’s original “skyscrapers,” are changing hands.
Jeré Matheny, senior associate for First Capital Property Group, told GrowthSpotter the 1923 Chicago brick Metcalf building has a buyer under contract and is scheduled to close in the next couple of weeks. The 10-story office building is 80% leased, with one office space and ground-level retail available.
Matheny said the contract price is “very close” to the $10 million list price. “We deal with quite a lot of value-add buildings, so it’s older stock,” he said. “We are getting quite a bit of interest in these types of properties from out-of-state buyers. They’re coming in and looking at our CBD, and they want iconic properties instead of paying top dollar for vacant land and building something new.”
Originally built for the Orlando Bank & Trust Company, the building earned its name from H.W. Metcalf who purchased the building in the 1930′s after the effects of the Great Depression led to the closing of the Orlando Bank & Trust Company. It is a contributing structure in the city’s Downtown Historic District and has been under the same ownership since 2003.
This Metcalf building is one of exceptional importance to the shaping of the City of Orlando. In addition to being one of the first high-rise buildings in the city, it also was once home to The Walt Disney Company, which took residency in the building in the 1960s during the early stages of developing the acreage purchased for Walt Disney World.
Matheny also has the listing for the 5,900-square-foot Tinker Building at 16 W. Pine St., next to the Metcalf building. Built in 1925 for Hall of Fame Chicago Cubs baseball player Joe Tinker to house his real estate business, the 2-story building was priced at $1.75 million. The seller, Lookout Realty Group LLC, purchased the building, now home to Orlando Weekly, in 2014 for just over $1 million.
Matheny said a buyer from Tallahassee has a purchase contract for $1.725 million and is scheduled to close in early November.
The Tinker Building was added to the National Register of Historic Places in 1980 and is also a local historic landmark.