CBRE and Banyan Street Capital Complete Over 36,000 SF of Office Leases at Doral Center in Miami

CBRE and Banyan Street Capital (Banyan) have secured 10 office leases totaling over 36,000 square feet at Doral Center, the 290,157-square-foot office development located at the corner of Northwest 36th Street and Northwest 87th Avenue in Doral, Florida.

Gordon Messinger and Randy Carballo with CBRE represented the landlord, Banyan Street Capital, a Miami-based, vertically integrated real estate investment firm, in all lease negotiations.

“The Airport West submarket continues to see healthy office leasing activity as more employees return to the office,” said CBRE Executive Vice President Gordon Messinger. “Over the previous four quarters, the submarket experienced 703,000 square feet of leasing activity, accounting for over 17 percent of total lease volume in Miami, which marked the highest volume of all suburban markets. Over the same period, Doral Center leased 58,000 square feet, accounting for 8 percent of total leasing in a submarket where it only represents 3 percent of the inventory.”

Messinger added, “Banyan is actively executing a comprehensive capital improvement plan to reposition the property, including the recent addition of a new parking garage. These updates have been well received and have resulted in attracting a wide range of tenants to Doral Center, including those looking for their first Miami office space as well as in-market relocations and expansions.”

The recently completed leases are:

1. H.W. Lochner, Inc., a leading provider of transportation infrastructure planning and engineering services, has expanded its space by 3,500 square feet on the third floor at One Doral Center to accommodate an additional 21 employees. They now lease over 7,700 square feet at the building.

2. First-Citizens Bank & Trust Company, one of the largest banks in the U.S., has expanded its space by 3,414 square feet on the fifth floor at Two Doral Center to bring its occupancy to 5,500 square feet, including its existing bank branch on the ground floor.

3. PanEuropean Holdings, Inc., a diversified holdings company investing in energy and oil trading, shipping and commercial real estate, has signed a new lease for 5,900 square feet on the fourth floor at One Doral Center. PanEuropean Holdings anticipates occupying the space in Q1 2024 with approximately 20 employees relocating from Boca Raton.

4. St. Jude Children’s Research Hospital, one of the leading pediatric cancer hospitals in the United States, has renewed its 4,200 square foot lease on the first floor of Two Doral Center.

5. Smartronix, LLC, a national IT and engineering solutions provider, has renewed its 3,110-square-foot lease on the second floor at Two Doral Center.

6. DigitalEra Group, LLC, a Miami-based provider of network and cybersecurity products and services, has signed a new lease for 3,000 square feet on the second floor at One Doral Center. DigitalEra Group anticipates occupying the space in Q4 2023 with approximately 12 employees relocating from its current space in Miami.

7. WXC Corporation, a Miami-based accounting firm, has signed a new lease for 2,500 square feet on the fifth floor at One Doral Center. WXC Corporation anticipates occupying the space in Q1 2024 with approximately 14 employees relocating from its current space in Doral.

8. Interglobal Logistics Corp., a Miami-based logistics company, has signed a new lease for 1,800 square feet on the sixth floor in One Doral Center. Interglobal Logistics anticipates occupying the space in October 2023 with approximately six employees relocating from its current space in Doral.

9. Investkas, LLC, a real estate investment company, has signed a new lease for 1,700 square feet to open a new office with approximately six employees at One Doral Center.

10. AutoPAQ, LLC, a motor vehicle logistics company, has signed a new lease for 1,000 square feet on the second floor at Two Doral Center. The space marks its first location in Miami.

Banyan Street Capital, alongside its joint venture partner, Independencia Asset Management, acquired Doral Center in 2020. The property is undergoing a $14 million capital improvement plan that includes extensive upgrades to the building facades and landscaping, updated corridors and restrooms, expanded outdoor areas, a new parking garage, new signage and move-in ready “spec” suites.

About Banyan Street Capital
Founded in 2012, Banyan Street Capital is a minority-owned, vertically integrated real estate investment firm that executes creative, value-add strategies and delivers high risk-adjusted returns to investors. With its headquarters in Miami, Florida, and regional offices in New York City, Atlanta, and Jacksonville, Florida, the firm owns, develops and operates a diversified portfolio of office, multifamily and mixed-use properties spanning 10.5 million square feet of office space, 6,500 apartment units and nearly 40,000 parking spaces across the Eastern United States. For more information, visit banyanstreet.com.

About Independencia Asset Management LLC
Independencia Asset Management LLC (“IAM”) is a real estate asset management firm headquartered in Miami with additional offices in Boston and Denver. Since incorporating in the U.S. in 2004, IAM has invested in more than 18 million square feet of core-plus and value-add office, retail, industrial, and multifamily assets in 24 states with thirteen different local operating partners. To date, IAM has invested in over $4B worth of real estate assets through 50+ different SPEs. IAM’s current portfolio consists of approximately $2.0B of assets under management.