Florida Department of Revenue Takes 29K SF at Doral Center
By Julia Echikson September 1, 2022 9:00 am
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The State of Florida Department of Revenue is relocating within Doral, Fla.
The governmental department inked a 28,610-square-foot lease at Doral Center, the landlords’ broker announced. The tenant plans to move in next summer.
The tax administrator is now based at the Office Park at MICC complex, situated 2.7 miles south from the new office. It’s unclear whether the move represents a reduction or expansion. Brokers for the tenant could not be reached for comment.
The lease “showcases that the market is not only fueled by new-to-market tenants, but also relocations within the market as companies look for updated office spaces with more amenities,” according to CBRE’s Gordon Messinger, who represented the landlords, Banyan Street Capital and Independencia Asset Management.
Doral Center is a two-building complex spanning 290,000 square feet in total, situated at the corner of Northwest 36th Street and Northwest 87th Avenue, less than a mile from the Trump National Doral resort.
The asking rent ranges between $36 and $37 a square foot, full service — $24.50 triple-net with operating expenses around $12 per square foot.
Besides the Department of Revenue lease, the property has inked 50,000 square feet in leases during the third quarter of 2022, with Mercury Air Cargo taking 5,429 square feet, Waypoint Contracting 3,841 square feet and Silver Bullet Technologies 3,688 square feet, among others, according to Messinger.
The owners paid $43 million for the property in September 2020 and spent an additional $14 million on upgrades to the building’s facades, corridors, restrooms and landscaping, as well as expanding the outdoor areas and adding a four-story parking deck. The pair is also building 24,000 square feet in spec offices at the complex.
Julia Echikson can be reached at jechikson@commercialobserver.com.
