By Timea Papp
Cushman & Wakefield negotiated a new lease with a health insurance company at Doral Court, an approximately 145,000-square-foot office building in Miami. Florida Blue will occupy roughly 81,000 square feet at the property and is anticipated to move in the third quarter of 2018, following a significant build-out of the new space.
The tenant will house its South Florida regional office at the eight-story building, totaling approximately 350 employees in more than 20 departments. Florida Blue is relocating from Westside Plaza at 8400 NW 33rd St. and will lease the top four floors (fifth, sixth, seventh and eighth) of Doral Court as well as half of the first floor. Florida Blue is an independent licensee of Blue Cross and Blue Shield Association, serving residents and businesses in the state of Florida.
Located at 8600 NW 36th St., the property sits on a 9.4-acre site and was completed in 1979. According to Yardi Matrix, a partnership between Banyan Street Capital and DRA Advisors purchased the asset in 2016 out of a bankruptcy action for $25.9 million. The new ownership is in the process of repositioning Doral Court into a Class A building. Improvement plans include an extensive exterior renovation and updates to the common area lobbies, corridors and bathrooms. Additionally, the redevelopment project will add a multi-level parking garage for the office tenants.
Managing Director Gordon Messinger worked on behalf of the landlord, while David Behar of Behar Real Estate Group represented the tenant in the lease negotiations. According to Cushman & Wakefield research, this is the largest office relocation lease of 2017 in Miami-Dade, Palm Beach and Broward counties.
“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,” said Messinger, in a prepared statement. “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.”
Doral Court sits at the intersection of Doral Boulevard/NW 36th Street and NW 87th Avenue. The site offers 400 feet of frontage on Doral Boulevard and more than 600 feet of frontage on NW 87th Avenue. In addition, more than 100,000 vehicles traverse the intersection daily.
Image courtesy of Yardi Matrix