In one of the most impactful leases of the year in Orlando, Florida, Travel + Leisure Co. agreed to move downtown in a deal that helped bolster the corridor's office market.
The membership and travel company leased the entire 501 W. Church St. building for 1,000 employees, according to tenant broker Jason Warren of Stream Realty Partners. The move will be effective in November.
The deal has earned a 2025 CoStar Impact Award for lease of the year for Orlando, as judged by real estate professionals familiar with the market.
The relocation involves a capital investment of more than $29 million and is expected to create more than 100 jobs over the next five years.
Although resilient since the pandemic, Orlando's office market had the weakest year for demand in 2024 and posted negative absorption for the first time in more than a quarter-century, according to the latest CoStar Market Analytics report.
About the deal: Travel + Leisure plans to move from 6277 Sea Harbor Drive to downtown Orlando. Piedmont Office Realty Trust owns the Church Street building that contains 182,461 square feet of space.
What the judges said: Judges praised the deal for helping revitalize Orlando's Parramore District. In addition, they said the deal is significant, given how COVID has affected the office market. "A meaningful lease deal like this one shows the ability to still attract high-quality tenants into assets in downtown Orlando, which brings high-quality jobs and strong economic impact,” said Trey Vick, CEO of V 3 Capital Group.
They made it happen: Greg Katz and Jason Warren, Stream Realty Partners; Mike Hopper, Newmark; Mike Phipps and Colin Morrison, CBRE; Alex Valente and Ben Mullenix, Piedmont Office Realty Trust; Erik Brandt and Matt Budjack, Travel + Leisure.