New York-based investor and developer Sentinel Real Estate Corp. is planning a new Class-A office building east of Orlando's tourism corridor, with one global company considering the space for relocation of its local office.
A master plan was filed with the City of Orlando on Jan. 20 for what is described as a new office building/call center. The 8.18-acre site is located at 7501 Greenbriar Parkway, northeast of the W. Sand Lake Road and S. Kirkman Road intersection.
It would be the fourth phase of development for the Sand Lake West Business Park as far as city permitting goes, but the sixth office building built in the park, where notable tenants include The Golf Channel's headquarters.
A master plan was previously approved for this property in May 2014 by the city, but it expired in May 2016. The new application updates that plan, which would now be a three-story, 85,000-square-foot office building, with 513 parking spaces.
Sentinel Real Estate estimates 500 new full-time jobs will be created via the office building, per the filing. Executives with the company did not respond to requests for comment.
Brambles companies and CHEP have nearly 500 local employees currently in space at SouthPark Center, leasing all or part of 147,332 square feet at 8517 S. Park Circle.
A Brambles spokeswoman confirmed on Wednesday the company is considering moving from SouthPark Center, but its board of directors has yet to vote on the decision. Sentinel Real Estate's proposed building is one new location among many in Orlando being evaluated, she said.
Brambles/CHEP would be a NNN tenant for Sentinel Real Estate, but the new building should attract ample lease interest if available.
High absorption levels over the last two years have pushed Orlando's office vacancy rate down from 20 percent in 2014 to nearly 10 percent in late December, according to CBRE Research. New product with contiguous space of 75,000 square feet or more for corporate tenants is in high demand.
A Sentinel Real Estate affiliate paid $952,600 for the 8.18-acre site in November 1994. The company owns another 16.9 acres of undeveloped land in the Sand Lake West Business Park.