property appraiser and tax collector office space search update real estate management march 25,...
TRANSCRIPT
Property Appraiser and Property Appraiser and Tax CollectorTax Collector
Office Space Search UpdateOffice Space Search Update
Real Estate Management
March 25, 2014
• Background• Construction Methods• Construction Options• Lease Options• Purchase Option• Summary and
Recommendation
Presentation Outline
• Background• Construction Methods• Construction Options• Lease Options• Purchase Option• Summary and Recommendation
Presentation Outline
Background
• BCC currently leases 49,307 SF of Class A office space at SunTrust Center
• Property Appraiser 31,064 SF• Tax Collector 18,243 SF
• Lease expires December 2014• Current Cost $1.22 M/Year• Renewal Notification between March and June
Background
• November 19, 2013 BCC presentation• Four options presented
• February 25, 2014 BCC presentation• Updated status of four options• Discussed lease of Maguire property• Discussed possible “build” option• Discussed SunTrust renewal option• Discussed continuing to look for purchase option
• Board requested follow-up in March
• Background• Construction Methods• Construction Options• Lease Options• Purchase Option• Summary and Recommendation
Presentation Outline
Construction Methods
Tilt Wall Construction• Cost effective technique • Shorter time frame• Durable and easily maintained• Utilities Administration Building built using Tilt Wall method
• Consists of 90,000 SF of Class B office• 356 surface parking spaces• On 9 acres• 3 year construction timeline
Construction Methods
Reinforced Concrete/Masonry Method
• Offers more traditional construction• Offers long life with low maintenance• Offers flexibility in construction• GAI Building used this method
• Consists of 105,000 SF of Class A office• 300 parking spaces in garage on first and second
floors• Estimated 3 year construction timeline
• Background• Construction Methods• Construction Options• Lease Options• Purchase Option• Summary and Recommendation
Presentation Outline
Construction of a reinforced concrete building• located in southern portion of property• consists of 90,000 SF, 6-7 stories• parking garage on first and second floors
Construction OptionsCounty Admin Site
Pros:• Own the land• City limits• On Bus Route
Cons:• Disruption at Admin• Pedestrian flow• Site constraints
Estimated Cost $ 21.6M
Construction of a Tilt Wall Building
• located in southern portion of property• consists of 90,000 SF, 3-4 stories • requires parking garage, 300 spaces• Class B finishes
Construction OptionsMichigan Street Site
Pros:• Own the land• Central location• On Bus Route
Cons:• Must be annexed• Internal traffic flow• Site constraints
Estimated Cost $ 19.3M
Construction of a Tilt Wall Building• consists of 90,000 SF, 3-4 stories • 300 surface parking spaces• Class B finishes
Construction OptionsWest Colonial Site
Pros:• In City limits• Properly zoned• Location• Surface parking• Expansion potential• On Bus Route
Cons:• Must purchase land
Estimated Cost $ 18.7M
Summary of Construction Options
Option Cost
Admin Site (reinforced conc) $21.6M
Michigan Street (tilt wall)$19.3M
West Colonial Drive (tilt wall)$18.7M
Summary of Construction Options
Option Cost
Admin Site (reinforced conc) $21.6M
Michigan Street (tilt wall)$19.3M
West Colonial Drive (tilt wall)$18.7M
• Background• Construction Methods• Construction Options• Lease Options• Purchase Option• Summary and Recommendation
Presentation Outline
SunTrust Renewal
• Five Year, with five year renewal option• 49,307 SF• Monthly credit for visitor parking validation• Tenant improvement allowance• Class A office space
Lease Options
Estimated 10 year lease cost $13.5M
Maguire Blvd and Orlando Central Center• Five Year, with five year renewal options• 34,167 SF at Maguire for TC• 38,000 SF at Orlando Central for PA• Tenant improvement allowance• Surface parking• Close proximity to each other• Class B office space• On Bus Route
Lease Options
Estimated 10 year lease cost $14.6M
Summary of Lease Options
Option Cost
SunTrust Renewal (49,307 SF) $13.5M
Maguire/Orlando Central (72,167 SF) $14.6M
• Background• Construction Methods• Construction Options• Lease Options• Purchase Option• Summary and Recommendation
Presentation Outline
3670 and 3660 Maguire Boulevard
• Two nearly identical buildings• 3670 consists of 44,251 SF• 3660 consists of 42,279 SF• Approximately 350 surface parking spaces• Concrete and brick constructed buildings • Class B office space• On Bus Route• Ground lease with 57 years remaining
Purchase Option
3670 Maguire Boulevard
• January 1, 2015, PA would occupy available space of approximately 41,869 SF• Will provide 35% more space than current space • Will transition into space as leases expire and ultimately occupy 44,251 SF
Purchase Option
3660 Maguire Boulevard
• January 1, 2015, TC would occupy available space of approximately 17,575 SF• Will provide nearly the same space to current space• Will transition into space as leases expire and ultimately occupy 42,729 SF
Purchase Option
Cost to purchase 3670 and 3660 Maguire Boulevard
$ 7.8M purchase price$ 1.0M improvements$ 1.5M FF&E$ 1.0M Move Cost
$11.3M Total
Purchase Option
• Background• Construction Methods• Construction Options• Lease Options• Purchase Option• Summary and Recommendation
Presentation Outline
Summary of Options
Build Options CostWest Colonial Drive (tilt wall) $22.0M• Includes cost of SunTrust renewal
Lease Options (ten year)SunTrust (49,307 SF) $13.5MMaguire/OCC (72,167 SF) $14.6M
Purchase Option3660 and 3670 Maguire $11.3M
Summary of Options
Build Options CostWest Colonial Drive (tilt wall) $22.0M• Includes cost of SunTrust renewal
Lease Options (ten year)SunTrust (49,307 SF) $13.5MMaguire/OCC (72,167 SF) $14.6M
Purchase Option3660 and 3670 Maguire $11.3M
RecommendationRecommendation
Move forward with finalizing a Contract For Sale and Purchase for 3660 and 3670 Maguire Boulevard.
Property Appraiser and Property Appraiser and Tax CollectorTax Collector
Office Space Search UpdateOffice Space Search Update
Real Estate Management
March 25, 2014