ORLANDO, FLA. — Cushman & Wakefield has arranged the $63 million sale of 20 North Orange Avenue, a 279,780-square-foot office tower located in downtown Orlando’s central business district. Banyan Street Capital, a Miami-based private equity firm, purchased the property in a joint venture with a fund managed by DRA Advisors. The price was disclosed by the Orlando Business Journal.
Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi of Cushman & Wakefield, with support from colleagues Zach Eicholtz, Ryan Jenkins and Brooke Tulley, represented the selling partnership, which comprised funds managed by Apollo Global Management, principals of Square2 Capital and Steelbridge Capital.
The new ownership has tapped Robert Kellogg, Todd Davis and Colin Morrison of Cushman & Wakefield to lease the property. Banyan Street Capital will operate the office building in collaboration with Square2 Capital.
Built in 1983, the 16-story building was purchased by the sellers in 2014 when it was 73 percent leased. The previous ownership spent approximately $5.3 million in capital improvements, including streetscape enhancements, updating both lobby areas, modernizing elevator and mechanical systems and renovating all of the common areas. As a result of these enhancements, occupancy improved to 90 percent. New tenants have been added such as Radixx, CI Group and Pipeline Orlando, along with tenant renewals that includes Morgan & Morgan and Brighthouse Networks.
Located on the northwest corner of Central and Orange avenues, the property is close to Amway Center, Grand Bohemian, the Church Street and Lynx Central SunRail stations, Church Street, Dr. Phillips Center for the Performing Arts, City Hall, Lake Eola and Creative Village. The office tower has two structured parking garages that are connected to the property by covered sky bridges. The building also has onsite property management, a conference facility, full-service banking, car wash and four restaurants including a café, Tin & Taco, Mercatos and Poke Bowl.