Gordon Messinger Represented Banyan Street Capital and DRA Advisors LLC in Securing Leases with Carnival Cruise Lines, Navistar and SunTrust
DORAL, FL, February 21, 2018 — Cushman & Wakefield has negotiated ±37,000 square feet of office leases with three tenants at Doral Court.
Managing Director Gordon Messinger negotiated the leases on behalf of a joint venture between Banyan Street Capital and DRA Advisors LLC. Messinger secured an ±18,000-square-foot expansion and renewal lease with Carnival Cruise Lines, a ±10,000-square-foot renewal with Navistar International Corporation and a ±9,000-square-foot relocation lease with SunTrust Banks.
Messinger was awarded the leasing assignment for Doral Court in April 2016. At the time, the building was 30 percent leased. With these three leases, he has pushed Doral Court’s occupancy to 86 percent. In November, Messinger secured an ±81,000-square-foot lease with Florida Blue at Doral Court, the largest office relocation lease in South Florida in 2017.
“Doral Court is quickly filling up with great, credit tenants, and we’re very pleased with the momentum that is mounting at the building,” said Messinger. “We’re way ahead of schedule in our efforts to renovate, reposition and re-tenant Doral Court and well on our way to achieving everything DRA and Banyan set out to accomplish.”
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 as a Class A office building. Renovations are underway and include a comprehensive exterior upgrade and updates to the common area lobbies, corridors and bathrooms.
Located in one of Miami’s most sought-after locations, Doral Court sits at the high-profile 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.
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 2017.
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 with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. 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. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.