An affiliate of local non-profit Grace Medical Home paid $2.815 million on Thursday for a new standalone headquarters office east of Downtown Orlando, while departing owner and tenant WithumSmith+Brown is planning a move to new office space in the Central Business District.
Located at 1417 E. Concord St. in the Colonialtown district, the two-story, 20,000-square-foot Class B office building was built in 1984, extensively renovated in 2005, and expanded in 2007 by principals of one of Central Florida's largest CPA firms, Averett Warmus Durkee, P.A., which merged in 2016 with national firm WithumSmith+Brown.
Grace Medical, a primary care medical office focused on serving the uninsured, has its current office at 51 Pennsylvania St. with roughly 5,500 square feet, which highlights the significant growth potential offered by the move.
The seller was 1417 East Concord, L.L.C., an investment vehicle made up of six current and former principals in the CPA firm's Orlando office.
WithumSmith+Brown has an option on its lease to leave after Dec. 31, which Grace Medical has requested and the firm plans to do, Orlando office partner Russell Goldberg told GrowthSpotter.
"We are negotiating on two or three office spaces at this time in Downtown Orlando, still about 20,000 square feet like we have now," he said. "We also have an office in Altamonte Springs with two more years on its lease, but that office may be included in the downtown move."
The Grace Medical land owner affiliate sourced a $2.4 million mortgage from IberiaBank to help finance the deal.
Officials with Grace Medical did not respond to requests for comment.