CBRE and Banyan Street Capital Complete Over 121,500 SF of Office Leases at Doral Center in 2022

CBRE and Banyan Street Capital (Banyan) have secured over 121,500 square feet of office leases at Doral Center, the 290,157-square-foot office development located at the corner of Northwest 36th Street and Northwest 87th Avenue in Doral, Fla., this year as the property undergoes major capital improvements and repositioning to better meet the needs of the modern employer. Recently, more than 36,800 square feet of new office leases were signed by Quest Workspaces, RivX Automation, BCA IT, Emirates Sky Cargo, and Alfaparf Milano.

Banyan, a Miami-based investor in premier office assets, alongside its joint venture partner, Independencia Asset Management, acquired the property in 2020 and began a $14 million capital improvement plan earlier this year. The plan is in its final phase, which will include upgrades to the exterior of both buildings, landscaping, expanded outdoor areas, a new four-level parking garage, new signage, and delivering additional speculative suites to meet the increased demand for plug-and-play space and turnkey ready offices.

Gordon Messinger and Randy Carballo with CBRE represented Banyan in all lease negotiations.

“The total square footage of new leases we have signed at Doral Center in 2022 outperforms any other office property in Miami-Dade County aside from 830 Brickell, Southeast Financial Center, Sabadell Financial Center, 1450 Brickell and One Biscayne Tower, which are located in the Downtown/Brickell Submarket. The leasing success is a testament to Banyan Street Capital as a committed ownership group who understands how to successfully transform value-add office assets into top-tier properties, combined with our diligence in marketing the property to attract and retain tenants,” said CBRE Executive Vice President Gordon Messinger.

Quest Workspaces, one of Florida’s largest co-working operators, has signed a 23,454-square-foot lease for the entire seventh floor at Two Doral Center. The new space is expected to open in summer 2023 and marks their tenth location in South Florida. Quest Workspaces was represented by Lance Benson with Newmark.

RivX Automation has signed a lease for 6,023 square feet. This month, the Miami-based trucking automation and e-commerce company will relocate approximately 15 employees to space on the fifth floor of One Doral Center.

BCA IT has signed a lease for 3,544 square feet. In Q1 2023, the Miami-based managed IT solutions firm will relocate 12 employees to space on the fifth floor of One Doral Center.

Emirates Sky Cargo has signed a lease for 2,206 square feet. In Q2 2023, the Dubai-based cargo airline will be opening a new office in Miami with approximately nine employees, occupying space on the fifth floor of Two Doral Center.

Alfaparf Milano has signed a lease for 1,616 square feet. This month, the international professional hair care company will relocate 15 employees to space on the fifth floor of One Doral Center.