Doral Court Exterior Renovations
Cushman & Wakefield and Behar Real Estate Group, Inc. announced today that it has negotiated an ±81,000-square-foot relocation lease with Florida Blue at Doral Court. According to Cushman & Wakefield research, this the largest office relocation lease of 2017 in Miami-Dade, Palm Beach and Broward Counties.
Managing Director Gordon Messinger negotiated the lease on behalf of a joint venture of Banyan Street Capital and DRA Advisors LLC. David Behar of Behar Real Estate Group, Inc. represented Florida Blue.
Florida Blue will fully occupy the top four floors (eighth, seventh, sixth and fifth) of Doral Court, and half of the first. The company will house its South Florida regional office in the space, totaling approximately 350 full-time employees in more than 20 departments. A third quarter 2018 move-in is anticipated following a significant build-out of the new space. Florida Blue is relocating from Westside Plaza at 8400 NW 33rd Street.
Doral Court is a ±145,000 square-foot, eight-story office building situated on approximately 10 acres at 8600 NW 36th Street. Banyan Street Capital and DRA Advisors LLC are in the process of repositioning Doral Court into a Class A office building. Preliminary plans include a comprehensive exterior renovation and updates to the common area lobbies, corridors and bathrooms.
Doral Court sits adjacent to Terra Group’s planned ±81,000-square-foot retail development site. Terra Group acquired the ±3.9-acre parcel, formerly open parking for Doral Court, from Banyan Street Capital and DRA Advisors LLC in September.
“We have worked with Florida Blue in the past on a number projects in South Florida. The assignment began approximately a year ago and we were able to identify a handful of opportunities for them to right-size their footprint. Working with Gordon, Banyan Street and DRA Advisors was a pleasure,” said Behar.
“Securing this lease was a highly competitive process. Many landlords were courting Florida Blue,” said Messinger. “In the end, however, Florida Blue was very excited to be part of Doral Court’s repositioning and the surrounding redevelopment of the project, which will also include a multi-level parking garage for the office tenants. As a tenant, they will benefit from the operational efficiencies inherent to the space while maintaining excellent visibility with top-of-building signage in the most dynamic redevelopment project at Doral’s Main and Main.”
Added Messinger, “Florida Blue and Banyan Street Capital also have a previous relationship in other markets. Banyan’s understanding of Florida Blue’s requirements and needs was a contributing factor in securing this lease.”
Located in one of Miami’s most sought-after locations, Doral Court sits at the high-profile intersection of Doral Boulevard/NW 36thStreet and NW 87th Avenue. More than 100,000 vehicles traverse this intersection each day. The site offers 400 feet of frontage on Doral Boulevard and more than 600 feet of frontage on NW 87th Avenue.
Florida Blue is a leader in Florida’s health insurance industry with 5 million members in Florida while serving nearly 18 million people in 12 states through its affiliate companies.
About Banyan Street Capital
Banyan Street Capital is a premier private equity firm focused on acquiring and operating office properties directly or in joint ventures with institutional capital partners. With a concentrated presence in the Eastern United States, the company capitalizes on the team’s experience and expertise to remain at the forefront of today’s emerging economic growth and investment strategies. Banyan Street Capital’s mission is to implement strategies that add value and deliver high risk-adjusted returns to its investors.
About DRA Advisors LLC
DRA Advisors LLC is an investment advisor specializing in real estate investment and management services for institutional and private investors. DRA has over $10 billion in assets under management. Since 1986, DRA’s focus has been consistent: conservative, value-added real estate investments in the office, retail, multi-family and industrial sectors in the United States. DRA’s acquisitions since inception include 1,200 properties valued at over $23 billion.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.
About Behar Real Estate Group, Inc.
Behar Real Estate Group is a full service commercial real estate firm specializing in tenant representation, landlord representation and acquisitions & sales. To learn more, visit www.
