Defense Contractor Takes Triton's 76,221 SF

ORLANDO-Flagler Development Co. lucked out with the signing of Schwartz Electro-Optics Inc. to 76,221 sf of class A, sublease space being vacated by Triton Networks Inc. in the next 90 days at the 500 Building in GranPark at SouthPark, south Orlando.

Flagler and Schwartz officials couldn’t be reached at GlobeSt.com’s publication deadline to learn terms of the lease. But area brokers familiar with the office and flex-space submarket along John Young Parkway in south Orlando tell GlobeSt.com on condition of anonymity the lease has an estimated 10-year term at an estimated aggregate value of $15 million or about $20 per sf.

Comparable space is currently renting for an estimated $22 per sf, area brokers who have done recent deals in the airport submarket, tell GlobeSt.com.

GlobeSt.com previously reported that Triton plans to liquidate or sell its assets after suffering a $40.6 million, first-half loss and a loss of $21.9 million or 62 cents per share in fourth quarter 2000. Triton made high-speed wireless components used in office buildings.

Schwartz is taking over Triton’s quarters at a peak period in its 40-year history as Central Florida’s oldest high-tech firm. Schwartz has a new $200 million Army contract to build laser-simulated weaponry.

The firm anticipates receiving another multimillion-dollar contract that would require an additional 75 jobs being added to its 280-person payroll, the company has previously announced. Schwartz is leaving an older 50,000-sf plant on North Orange Blossom Trail in northwest Orlando.

Sara Castor of Strictly Commercial, Orlando, negotiated for Schwartz. John Guitar and Damien Madsen of Advantis Real Estate Services Co., Orlando, represented Flagler Development.