Miami-based Banyan Street Capital, together with their capital partner, funds managed by Oaktree Capital Management, L.P., announced today the execution of 33,000 square feet of new leases at Douglas Entrance. Of the 33,000 square feet of leases, three represent the largest office transactions completed in Coral Gables during Q1 2016.
DLD Lawyers, a diverse civil litigation firm represented by Bob Orban from Savills Studley, signed a lease for 12,661 square feet in the South Tower located at 806 South Douglas Road. The Retail Outsource, a premier sales performance agency represented by Carol Cassis and Stephan Burke of Brown Harris Stevens | Zilbert, signed a lease for 10,016 square feet in the North Tower located at 800 South Douglas Road. Two other leases were signed in the Towers with Conde Nast and Viciana & Shaffer, P.A.
INK Global Media, represented by David Ditchman of ESmith Realty, signed a 6,150-square- foot lease at La Puerta del Sol at Douglas Entrance, Banyan’s latest boutique office offering within the prominent archway building to Coral Gables.
This building, which is on the national register of historic buildings, is currently undergoing several million dollars’ worth of renovations which includes a total restoration of the interior and exterior.
“With this overhaul, we will deliver thoughtfully designed suites with impeccably restored wood ceilings, carpentry and best-in-class finishes to appeal to companies desiring a categorically authentic Coral Gables office experience,” stated Zac Gruber, Managing Director of Banyan Street Capital. “We have further developed this offering by creating a private, furnished, outdoor park for our office users and guests to complement the numerous amenities already available within Douglas Entrance.”
Douglas Entrance is currently undergoing a $7 million dollar renovation and a comprehensive re-branding and re-positioning campaign, led by the CBRE leasing team of Maggie Kurtz, Diana Parker and Kevin Gonzalez. Banyan Street recently completed the redesign of several elements of Douglas Entrance, including the main lobbies, elevators and corridors of the high rise office towers, along with exterior improvements to the promenade, landscaping and parking structure.
Banyan Street Capital is a leading private real estate investment firm with the expertise and resources to deliver effective solutions for today’s commercial real estate market. As a premier owner and operator of office buildings, Banyan Street helps investors and partners implement strategies that add market value and deliver high risk-adjusted returns. The firm’s principals have been involved in the acquisition of over $3 billion of real estate assets and have successfully executed disposition strategies including the sale of operating businesses and real estate portfolios in excess of $1 billion to publicly-traded REITs.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $97 billion in assets under management as of March 31, 2016. The firm emphasizes an opportunistic, value-oriented and risk controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
