Mike Davis, Michael Lerner and Rick Brugge Represented a Fund Advised by DRA Advisors, LLC in the Disposition of Heathrow International Business Center
LAKE MARY, FL, July 13, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of Heathrow International Business Center, which includes six Class A office buildings located in suburban Orlando.
The Capital Markets team of Vice Chairman Mike Davis, Executive Director Michael Lerner and Executive Director Rick Brugge represented a fund advised by New York-based DRA Advisors, LLC in the disposition. A controlled affiliate of Starwood Global Opportunity Fund XI acquired the asset in an exclusively negotiated, off-market transaction.
Heathrow International Business Center is the third in a series of significant office parks to change ownership in Lake Mary in less than one year, including Colonial Center at TownPark, which sold in May 2017, and Primera Towers, which sold in November 2016. All three transactions were negotiated by Davis, Lerner and Brugge and comprise more than 2 million square feet of office space.
Heathrow International Business Center is a six-building office campus and is situated within 370-acres at 300, 400, 801 and 901 International Parkway, 1001 Heathrow Park Lane and 1000 Business Center Drive in Lake Mary. The office park, which totals 795,950 square feet, is adjacent to Heathrow Country Club, executive housing and luxury apartment communities as well as a full-service Marriott Hotel, retail, banking, a nine-acre park and bike and running trails. The property is positioned at the gateway to one of Orlando’s most affluent office markets, Lake Mary/Heathrow, and is centrally located with exceptional access to Interstate 4 and State Road 417 (Central Florida GreeneWay) just north of Orlando. Notable tenants include Deloitte, Veritas Technologies and Superion. The campus was 91 percent leased at the time of the sale.
“The strong location and high-quality tenancy will continue to enable Heathrow International Business Center to attract users seeking first-rate, well-located and well-priced suburban office space,” said Davis.
“This transaction enabled Starwood Capital Group to acquire immediate critical mass in one of Orlando’s top submarkets,” added Lerner.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.