New York City-based private equity firm Praedium Group LLC has sold an Orlando, Fla. office building for $25 million. The 266,881 sq. ft. Maitland Forum office complex was sold to a partnership between Orlando-based Tower Realty Partners and Manhattan-based firm DRA Advisors.
The sale price on the complex translates into roughly $94 per sq. ft. The property, which was built in 1985, is occupied by tenants that include Wells Fargo Bank and IKON Office Solutions.
Praedium typically buys under-valued real estate assets in North America through commingled real estate private equity funds. Fund investors include public and corporate pension funds, financial institutions, insurance companies and endowments. The firm now has roughly $4 billion invested in 38 million sq. ft. of commercial real estate, including 34,000 apartment units.