Thursday, May 17, 2012
NEW BOSTON FUND SECURES THREE NEW LEASES AT MAITLAND GREEN
BookIt.com, American Diabetes Association and NY Deli lease a total of 14,438 square feet
Orlando, Fla. (May 17, 2012) - New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has completed three new leases totaling 14,438 square feet of premiere office space to BookIt.com, the American Diabetes Association and New York Deli at Maitland Green I and II in Orlando, Fla.
Conveniently located in Orlando’s premiere suburban market of Maitland, the two adjacent buildings, Maitland Green I and II, total 194,700 square feet. Since acquiring the property in July 2010, New Boston has completed 12 new leases totaling more than 80,000 square feet, accounting for over 85 percent of the net absorption in the Maitland Center submarket.
“We are very pleased with the increased occupancy rates and velocity that we’ve been seeing over the past year,” said Pryse Elam, Southeast Regional Director for New Boston Fund. “The convenient location of Maitland Center and the great amenities the buildings offer are truly unrivaled in this market.”
Maitland Green is conveniently located in the heart of Maitland Center, with excellent visibility and frontage on I-4, Orlando`s main north-south artery. Maitland Center has historically been Orlando`s strongest suburban office market and caters to back-office and corporate users.
BookIt.com, an online travel company, has signed a long-term lease for 10,340 square feet of office space at Maitland Green I and is slated to move in August 1. New York Deli has also signed a new lease for 1,615 square feet of commercial space at Maitland Green I. In addition, New Boston has leased 2,483 square feet of Class-A office space to the American Diabetes Association at Maitland Green II.
New Boston was represented by Alex Rosario, Vice President, Brokerage Services at CNL Commercial Real Estate, in all three transactions. BookIt.com was represented by Craig Castor, Senior Vice President of CRESA, New York Deli represented itself, and Chris Sproles, First Vice President, CB Richard Ellis, acted on behalf of the American Diabetes Association.
The buildings at Maitland Green boast exceptional landscaping, a full-service cafe, state-of-the-art energy management systems, security card access and on-site property management. New Boston also recently completed extensive upgrades at Maitland Green I, including the installation of new granite floor, new carpet, wall-coverings, two electronic directories and overhead lights throughout the lobby.
New Boston is committed to investing in the southeast region, and since 2010 has acquired approximately one million square feet of office space through the purchases of Southpoint Executive Center, Maitland Green I & II, and One Park Square in Florida. New Boston Fund does not disclose sales or leasing prices.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
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