Cushman & Wakefield’s Gordon Messinger Leads Leasing Team for Doral Court Redevelopment
DORAL, FLORIDA – Cushman & Wakefield announced today that it has been named exclusive leasing agent for a ±210,000-square-foot office complex formerly known as Doral Court.
Director Gordon Messinger was awarded the leasing assignment by a joint venture of Banyan Street Capital and DRA Advisors LLC, which purchased the asset earlier this month through a bankruptcy proceeding. The two-building office complex is situated on approximately 10 acres at 8600 NW 36th Street. The complex is comprised of a ±140,000 square-foot, eight-story tower and an attached ±70,000-square-foot, three-story building. Ample surface parking is available.
Banyan Street Capital and DRA Advisors LLC intend to reposition the site as a mixed-use development. Preliminary plans will retain the existing eight-story office tower. The new owners have committed to a massive common area update of the tower, including renovated exterior, common area lobbies, corridors and bathrooms. Plans for the redevelopment of the remainder of the site have yet to be announced but are anticipated to include a mix of retail, structured parking, residential and/or hotel uses.
“New ownership will be making a tremendous commitment to the future of this asset through its redevelopment efforts,” said Messinger. “It will be incredibly exciting to see their vision of a true live-work-play environment come to fruition in the epicenter of Doral.”
Located in one of Miami’s most sought-after locations, the property sits catty-corner to the world-renowned Trump National Doral Miami resort and golf course at the intersection of Doral Boulevard/NW 36th Street 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.
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.
For Further Information Contact:
Cushman & Wakefield
+1 305 351 2461
David A. Meyer
+ 1 407 489 7488