Parkway Re-Enters Orlando Office Market with Acquisition of Baldwin Point Office Building

09.24.2021/Insights

Orlando, Fla. – September 23, 2021 – Orlando-based Parkway Property Investments, LLC (“Parkway”) and TriGate Capital today announced the purchase of Baldwin Point, a four-story, 164,000 square foot office building located less than three miles from downtown Winter Park in Orlando’s premier master-planned development, Baldwin Park.

Baldwin Point benefits from its walkability to many amenities and restaurants, views of Lake Baldwin, proximity to executive housing, and a bike trail connecting to Winter Park. The property encompasses more than 9-acres, providing an opportunity for a potential multifamily development and a structured parking garage. 

“Baldwin Point is a high-quality office destination with many attractive features for companies that value convenience, collaboration, and a healthy lifestyle,” said Parkway’s Managing Director of Florida, Phil Marchese. “The building offers a unique environment with its connection to Lake Baldwin, expansive parks and trails, and retail and restaurants within walking distance. We will instill Parkway’s hospitality-focused ownership to position Baldwin Point as the premier building in the market with new onsite amenities to maximize our tenant’s experience within Baldwin Park.”

This acquisition re-establishes Parkway as an office owner in Orlando following the 2016 disposition of its Orlando office assets and merger of its predecessor, Parkway Properties, Inc., which at the time, was one of Orlando’s largest office owners with more than one million square feet primarily in downtown Orlando.   

“We’re excited to acquire another office asset to complement our Central Florida portfolio, including our 300-unit multifamily project in Lake Mary, our 740-acre industrial development in Lakeland, and 834,000 square feet of office in Tampa,” said Heistand. “We see Central Florida as a key market as it continues to benefit from the tremendous migration taking place in the United States, bringing more businesses and residents to the state of Florida at record numbers.”  

As one of Orlando’s largest privately held companies, Parkway was recently recognized by the Orlando Business Journal as an Elite 50 honoree. Parkway plans to relocate its corporate headquarters from downtown Orlando to Baldwin Point.

Parkway will manage Baldwin Point and has engaged CBRE to handle the leasing.

About Parkway

Parkway is a privately owned, full-service real estate investment firm led by a team with a strong track record of investing in high-growth markets across the U.S. and across economic cycles. Parkway owns, develops, and manages institutional-quality commercial real estate assets throughout the Sunbelt region. In addition, Parkway identifies and structures acquisitions and provides best-in-class property and asset management, leasing, accounting and construction management services. Parkway currently operates and/or provides accounting services for approximately 24 million square feet of commercial real estate assets located in California, Texas, Georgia, Florida, and Virginia as of June 30, 2021. For more information, please visit www.pky.com.

About TriGate

TriGate Capital is a leading real estate investment manager focused on the recapitalization and repositioning of quality commercial real estate assets and companies. Based in Dallas, Texas, TriGate has acquired over 17 million square feet of assets across the United States and currently has over $2.0 billion of AUM. TriGate is currently investing through its fourth fund, TriGate Property Partners IV, which has over $500 million of discretionary equity available for investment.

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