Maitland Office Park Sold in Major Commercial Deal
MAITLAND, FL – December proved to be a bustling month for commercial real estate, highlighted by the region’s largest office sale of the year. On December 18, Charles Schwab purchased the Maitland Summit office park for $122 million. This acquisition is significant as it comes during a time of growth for the company, which currently occupies 30% of the office space across the park’s four buildings along Summit Park Drive.
Who is Involved?
Charles Schwab, a prominent financial services company, is making headlines with this significant investment. The company has now acquired a total of over 500,000 square feet across Maitland as part of its strategic shift to relocate jobs to the Orlando market. This move aligns with Schwab’s recent expansion efforts and their aim to bolster operations within the state.
What Does This Mean for Schwab?
In a statement issued on Friday, Schwab emphasized that this acquisition supports its growth in the region and reflects its long-standing commitment to Orlando. The firm has reached a milestone of over $10 trillion in assets under management, further solidifying its presence in the area. “Orlando has been an important part of Schwab’s growth for over three decades,” the statement read, highlighting the city’s role in future plans involving talent acquisition and client service.
Building Plans and Space Utilization
With the new purchase, Schwab plans to enhance the campus with training rooms, presentation suites, and other amenities, which will create a more vibrant working environment for its employees. The deal also includes two garage structures, surface parking, and all landscaped areas and water features of the property. Existing tenants who hold leases at the office park will continue to occupy the remaining office spaces not used by Schwab.
Market Response and Recovery
Alex Rosario, a partner at Foundry Commercial, the firm advising on the sale, commented on the state of Central Florida’s office market, noting the “clear signs of recovery.” He stated, “This transaction demonstrates the strong demand from investors and tenants for well-located office properties, particularly in established submarkets like Maitland.” Such trends suggest that Class-A office space in Maitland is expected to see vacancy rates decrease to single digits, a positive sign for the local economy.
Additional Local Real Estate Activity
In addition to Schwab’s significant office park acquisition, other commercial real estate activity occurred within the same month. A retail center known as Century Plaza, located at 1880 S. Semoran Blvd., was sold for $7.8 million to a Miami buyer. This property comprises 28,700 square feet and is home to various retailers, achieving a 97% occupancy rate at the time of sale.
Looking Ahead
Industry experts consider both transactions as indicators of a revitalized interest in Central Florida’s commercial market. “It’s exciting to see a Fortune 500 company like Charles Schwab expanding its presence into Central Florida,” said John Pietkiewicz, another Partner at Foundry Commercial. Such developments could signal a new chapter for the region’s business landscape, with a focus on growth and stability.
The sale of the Maitland Summit office park to Charles Schwab marks a significant event in the region and reflects the ongoing evolution and upward trajectory of Central Florida’s commercial real estate market.
