CNL Plaza Sold for $168M

Piedmont-CNL Towers Orlando Owner LLC, a subsidiary of Piedmont Office Realty Trust, has purchased CNL Plaza in downtown Orlando for $167.8 million. The Georgia-based real estate group purchased the two towers from CNL Plaza LLC, a partnership that includes CNL Chairman Jim Seneff Jr. Also referred to as the CNL Center, terms of the sale of CNL Plaza I & II were not disclosed; Foundry Commercial, the Orlando-based brokerage firm, has the building portfolios available on their website.

The deal includes:

CNL Plaza I: A 14-story high-rise office tower that was built in 1999 at 450 S. Orange Ave. It has more than 332,000 square feet.
CNL Plaza II: A 12-story, 271,000-square-foot office tower at 420 S. Orange Ave. It was built in 2006.
CNL Plaza/City Hall parking garage: A seven-story parking garage at 460 Boone Ave . with nearly 612,000 gross square feet.
CNL Plaza II parking garage: A garage with nine floors and nearly 800,000 gross square feet.

Skybridges connect CNL Plaza I, CNL Plaza II and City Hall to the parking garage. The building is situated across from the Downtown Performing Arts Center and adjacent to City Hall, also across from the Grand Bohemian Hotel and free LYMMO stop. With this acquisition, and combined with its previous purchased of the SunTrust Center for $170 million this past November, Piedmont is slated to become one of downtown Orlando's biggest landlords with more than 1 million square feet of office space in the region's core business district.

For more news and information visit Blumberg Partners.

Penzance Picks Up Reston Office Buildings

Penzance, a D.C. based real estate development and operating company, announced this week that it had purchased Corporate Plaza I and II in Reston, VA for $22.6 million, or about $158 per foot. Transwestern's Institutional Commercial Group brokered the sale to Penzance on behalf of Piedmont Office Realty Trust; terms of the deal were not disclosed.

"The transaction achieved the strategic goals of both the buyer and the seller," said Gerry Trainor, Transwestern's managing executive director. "In the case of Piedmont, the sale is in line with its strategic plan of exiting non-core properties and focusing on aggregating Class A assets near transportation nodes in specific submarkets. For Penzance, the acquisition is consistent with its suburban value-add strategy and thesis that the Dulles Toll Road will lead the suburban recovery."

Matt Pacinelli, senior vice president of leasing for Penzance, said Metro access is a strong amenity. "I've probably gotten more activity in the building than I have in any of my other properties, and the reason for that is it's unique," Pacinelli said. "The Silver Line, it's not the main reason to acquire it, but it is a bonus." The two office buildings at 11107 and 11109 Sunset Hills Road total 142,394 square feet and are situated along the Dulles Toll Road (Route 267), just 0.75 miles from the new Wiehle Avenue Metrorail station and 1.7 miles from the Reston Town Center.

For more news and information visit Blumberg Capital Partners.