Continental Casualty Co., or CNA, one of the country's biggest insurers, may opt to take all four floors of the building that will soon begin construction at 500 Colonial Center Parkway in Lake Mary.
The company right now has committed to floors two through four, or 108,000 square feet of the planned 135,000-square-foot building whose address will be 500 TownPark, located in the Lake Mary office park that lies between I-4 and International Parkway.
Taking the entire structure "is going to depend on our growth over the next 17 months," said John Kaas, vice president of CNA's Florida division.
Kaas was speaking to GrowthSpotter at a ceremonial groundbreaking for the property Thursday.
"There are incentives on both sides of the table for this to happen," said James Buddrus, chief executive of Swearingen Realty Group, the broker representing CNA.
Construction of the roughly $30 million project, which will also include a 600-car parking garage, is expected to begin in December.
Once complete CNA will move from offices it currently occupies in Maitland, bringing along the site's 600 employees.
The new building will be situated on a 6.3 acre parcel owned by Piedmont Office Realty Trust.
Piedmont also owns a contiguous 20-acre parcel which it plans to call Town Park Commons and contain 800,000 square feet of development, including two or three office buildings, a 250-room hotel and 100,000 square feet of shops and restaurants.
The developer of the CNA project is Providence One Partners.
The general contractor is Brasfield & Gorrie.
The architect is Baker Barrios.
Providence One is expected to be the developer on the Town Park Commons project. Other construction and design participants have not been disclosed.