San Francisco-based Stockbridge Capital Group just paid $47.9 million to acquire its second office building within Orlando’s Quadrangle business park that’s fully leased to the German engineering and manufacturing giant Siemens Corporation.
The 226,548-square-foot building at 11950 Corporate Blvd. was developed by the Alter Group in 2001 for Siemens. That same year, the company announced it would move its U.S. headquarters from Iselin, New Jersey to Orlando.
The four-story building is one of three offices the company operates out of. It is located west of the University of Central Florida.
Last year, Stockbridge paid $61.5 million for the largest of the three buildings at 4400 N. Alafaya Trail. The office building, known as Siemens Quad I, was built in 1983 and features nearly 250,000 square feet of office space.
The property previously sold for $39.5 million in 2012. It was acquired by entity, IX WR 11950 Corporate Blvd L.P., which is co-owned by Starwood Capital Group.
In 2017, Starwood transferred the property to Ag-Apg Corporate Blvd Property Owner LLC, as part of a larger portfolio deal with the Angelo Gordon and APG joint venture. The portfolio consisted of more than a million square feet of Class A office space across markets in Tampa, Orlando, Charlotte and Pittsburgh.
CBRE’s Ron Rogg and Chip Wooten represented the seller. The deal took place after Siemens Corp. renewed its leases in the building earlier this year.
Documents recorded in Orange County last month show the JV and lessee Siemens Gamesa, a division of Siemens that specializes in renewable energy, began renovation work to upgrade the interiors on the third floor. Gettysburg Commercial Corporation was contracted for the job.
Siemens Gamesa manufactures wind turbines and provides onshore and offshore wind services.
In April, Colorado-based investment management company Real Capital Solutions bought Siemens Quad III at 11842 Corporate Blvd. for $53.73 million. The sale of the 226,548-square-foot office building was part of a leaseback deal with Siemens Corp.
The most recent deal with Stockbridge breaks down to about $211 per square foot. It gives Stockbridge a major presence in the office submarket by UCF.
The area also features the Central Florida Research Park, where a number of defense and technology companies have offices, including Cisco Systems and Cubic Defense Systems.
Tenants in the parks have access to UCF amenities, including to its library and fitness center.