Wednesday, September 26, 2012
NEW BOSTON FUND SECURES NEW 20,000-SQUARE-FOOT LEASE AT SOUTHPOINT EXECUTIVE CENTER
Leavitt Management leases Class-A office space in Maitland, Fla.
Orlando, Fla. (September 26, 2012) – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has leased 20,000 square feet of Class-A office space to Leavitt Management, the parent company of Advanced Dermatology and Cosmetic Surgery, at Southpoint Executive Center in Maitland, Fla.
Acquired by New Boston in May 2010, Southpoint is a four-story, 137,000-square-foot Class-A office building located in Maitland Center, Orlando’s most desirable submarket that caters to back-office and corporate users. Occupying 14 percent of the building, the space will serve as Leavitt’s corporate headquarters.
“We are proud to welcome Leavitt Management to Southpoint Executive Center,” said Pryse Elam, Southeast Regional Director for New Boston Fund. “Southpoint is an excellent and well-valued asset in our Southeast portfolio due to its incredible amenities and convenient location in Orlando’s premier submarket of Maitland, which continues to boast high occupancy rates and be a highly desirable location for tenants.”
Characterized by a distinctive curved façade, Southpoint Executive Center offers high-quality amenities, including a marble lobby and a fitness center. The property is located just off of Interestate-4 and Maitland Boulevard within close proximity to both executive and workforce housing. Also nearby is The Streets at Southpoint, a shopping center home to multiple restaurant options, and an IMAX movie theater.
Leavitt has signed a long-term lease and is slated to move in this winter. Alex Rosario, vice president, CNL Commercial Real Estate, and Paul Reynolds, principal, CNL Commercial Real Estate, represented New Boston Fund. Howard Lee, Director of Brokerage at Tower Realty Partners. Inc., represented Leavitt in the transaction.
New Boston’s other assets in Orlando, Maitland Green I and II, are currently 81 percent occupied. Since acquiring the property in July 2010, New Boston has completed 12 new leases totaling more than 80,000 square feet, accounting for more than 85 percent of the net absorption in the Maitland Center submarket.
New Boston is committed to investing in the southeast region, and since 2010 has acquired more than one million square feet of office space through the purchases of Waterford Centre, Southpoint Executive Center, Maitland Green I and II, and One Park Square in Florida, and Harris Corners and Carolina Place in the Carolinas.
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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