Flight-to-quality propels sale and financing of Orlando office building

ORLANDO, March 25, 2022 – JLL Capital Markets announced today that it has completed the sale and financing of the GAI Building, a fully leased, trophy office property totaling 106,966 square feet in Downtown Orlando, Florida.

JLL represented the seller, 618 East South Street, LLC, and procured the buyer, Denholtz Properties. Additionally, JLL worked on behalf of Denholtz Properties to secure the acquisition loan through a regional bank.

Completed in 2011 by Ustler Development, Inc., the GAI Building is one of Orlando’s newest office properties and was downtown’s first privately developed LEED-certified office building. The GAI Building is fully leased to six tenants, including GAI Consultants who operates its southeastern headquarters at the property.

Located at 618 East South St., the GAI Building is adjacent to and visible from SR 408 East-West Expressway, one of Orlando’s primary roadways. The building is in the South Eola district and part of the highly desirable Thornton Park neighborhood with a variety of amenities, including high-end condominiums and apartments, Lake Eola Park and restaurants/retail offerings. Additionally, the GAI Building benefits from the growing Downtown Orlando office market, which has seen rents and demand steadily increase.

The JLL Capital Markets team representing the seller was led by Senior Director Robbie McEwan.

“We saw tremendous investor interest for the GAI Building due to the high-quality nature of the asset and the growing appeal and in-migration of companies and residents to Downtown Orlando and the surrounding area,” McEwan said. 

JLL’s Debt Advisory team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula, Senior Director Maxx Carney and Associate Ryan Carroll.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Denholtz Properties is a privately held, vertically integrated commercial real estate investment and development company with a diversified portfolio of assets in strategic markets. Based in Red Bank, N.J. with a regional headquarters in Orlando, Fla., Denholtz Properties specializes in the acquisition and development of ground-up multifamily, industrial/flex and office properties. Driven by an entrepreneurial spirit and a commitment to excellence, Denholtz Properties has continuously provided outsized investment returns over its 70-year history. Additional information for Denholtz Properties is available online at www.denholtz.com.

Ustler Development, Inc. is the most active and established real estate developer in downtown Orlando across a variety of property types, including office, apartments, student housing, restaurant/retail and hotel. To learn more, please visit: ustler.net.