Friday, June 21, 2013
NEW BOSTON FUND SECURES THE LARGEST NEW LEASE IN THE MAITLAND SUBMARKET THIS YEAR
Ellucian to take up 26,877 square feet at Southpoint Executive Center
Orlando, Fla. (June 21, 2013) – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today that it has leased 26,877 square feet of Class-A office space to Ellucian, a company that delivers technology solutions to educational institutions around the world, at Southpoint Executive Center in Maitland, Fla.
New Boston’s lease to Ellucian represents one of the largest new leases signed in the Maitland submarket in 2013. This October, Ellucian will join New Boston’s list of notable tenants including, Leavitt Management and Taylor Morrison.
Acquired by New Boston in May 2010, Southpoint Executive Center 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.
“Southpoint is one of the top performing assets in our Southeast portfolio and we are very pleased to welcome another premier tenant to the building,” said Jennifer Patterson, Vice President of Asset Management for New Boston Fund. “We are confident that Ellucian will enjoy the high-end office space, as well as the desirable location and amenities of the property and surrounding area.”
Characterized by a distinctive curved façade, Southpoint features a marble lobby and offers high-quality amenities, including a fitness center and cafe. The property is located just off of Interestate-4 and Maitland Boulevard.
Alex Rosario and J. Paul Reynolds, Principals at CNL Commercial Real Estate Inc. represented New Boston in this deal. The tenant was represented in this transaction by Aaron Gray, Vice President, and Kelly McBride, Managing Director, of Jones Lang LaSalle.
New Boston has a distinguished presence in the Orlando market, also owning and operating Maitland Green I and II, which are currently 81 percent occupied. Since acquiring Southpoint Executive Center and Maitland Green I & II in May 2010, New Boston and CNL Commercial Real Estate have completed over 20 new leases totaling more than 125,000 square feet.
Since 2010, New Boston has acquired more than one million square feet of prime office space in the Southeast 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.
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 $3.5 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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