CBRE Announces Over 66K SF of Leasing Activity at 290K-SF Office Complex

CBRE has arranged 15 office leases, expansions and renewals totaling 66,792 sq. ft. at Doral Center, a 290,000-sq.-ft. Class A office complex located at Doral Boulevard and NW 87th Avenue in Doral, Florida. These transactions bring the two-tower development to approximately 80% leased after being acquired at under 40% leased.

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

“Companies are looking to set up shop in live-work-play urban corridors like Doral to grow their businesses and attract top talent,” said Messinger, an Executive Vice President with CBRE. “Doral Center’s location and strategic renovations completed by Banyan Street Capital have resulted in the strongest leasing velocity in the Doral office market, and the property continues to draw significant interest.”

The complex’s largest recent leases include Quest Workspaces’ 14,627-sq.-ft. lease expansion, which brings its total space to 38,081 sq. ft; the State of Florida’s combined leases of 9,846 sq. ft., including a 5,065-sq.-ft. lease for its Department of Financial Services and a 4,781-sq.-ft. lease for its Department of Health; and Alva Manufacturing’s 6,235-sq.-ft. lease, which will serve as its first Miami office. Other leasing activity includes new leases to Monarca Insurance Group, WAC Research, Kisinger Campo & Associates, and Clasquin.

Banyan, alongside its joint venture partner, Independencia Asset Management, acquired Doral Center in 2020. The complex’s buildings – One Doral Center and Two Doral Center – were built in 1985 and 1995, respectively. As part of its value-add strategy, Banyan recently completed renovations, including a covered parking garage, exterior improvements, modern landscaping, outdoor tenant collaboration areas, spec suites, and upgraded corridors and restrooms. It’s also surrounded by a rich amenity base – including a world-class golf resort and mixed-use projects like Doral Square – and provides quick access to Miami International Airport with connectivity to Palmetto and Dolphin Expressways, as well as Florida’s Turnpike.

The transactions mark the second successful lease-up and redevelopment in Doral for the Banyan and CBRE duo following a similar story across the street at Doral Square. There, Banyan successfully acquired the two-building complex at 8600 NW 36th Street and built a structured parking deck, enabling the redevelopment of a nine-acre surface lot on what is now the completed Doral Square retail power center. CBRE was instrumental in sourcing over 100,000 sq. ft. of tenants like Florida Blue and Carnival Corporation following a complete renovation of the remaining 140,000-sq.-ft. office tower.

“We have been very pleased to see the market’s reaction to the renovations as well as the walkable environment growing up in and around Doral Center,” said Zac Gruber, president of the office division at Banyan. “This fortress location at the epicenter of one of Miami’s strongest submarkets continues to perform in attracting and retaining tenants and talent, and we’re thrilled to play a role in that transformation.”

Lance Benson with Newmark represented Quest Workspaces, Brittany Ward with Savills represented the State of Florida, and Tony Jones with Cushman & Wakefield represented Alva Manufacturing in lease negotiations.