Proactive Owner Brings Change to Iconic, Coral Gables Office Park
Douglas Entrance, a 467,000-square-foot office park set a year to-date record in leased square footage in the Coral Gables submarket, facilitated by proactive new ownership and a multi-million dollar renovation. Douglas Entrance leased and renewed office space with several tenants for a combined total of more than 105,800 square feet. This marks a year-to-date record in leased square footage in the Coral Gables submarket.
Tenants include leading infrastructure construction company MasTec Inc, architectural design firm OBMI Miami, retail and start up consulting agency Retail Outsource, travel media company INK Global Media, DLD Lawyers, CPA firm Viciana and Shafer, and The Corner Café and Pantry (Owner of Threefold Café). The property is owned by Banyan Street Capital and a fund managed by Oaktree Capital Management.
“Douglas Entrance underwent a $7 million renovation program which attracted new tenants and retained existing tenants,” said Maggie Kurtz, Senior Vice President, CBRE. “We’ve upgraded the amenities with on-boarding The Corner Café and Pantry owner who will also be establishing a sitdown restaurant/bar, making Douglas Entrance a destination and an oasis for existing tenants.”
The CBRE leasing team of Maggie Guajardo Kurtz, Diana Parker, Kevin Gonzalez and Jason Krieger led a comprehensive marketing campaign to position Coral Gables’ only true office park as a prime destination for top companies in the Miami area. Douglas Entrance features newly renovated common areas, modern finishes, and elegant details. Additional amenities include chauffeur service, gym, boardroom facility, event facility, and 24/7 security.
Located at the entrance to Coral Gables, which houses over 15 multi-national companies, Douglas Entrance is just minutes from shopping, restaurants, the airport and all other pertinent markets.
About Banyan Street Capital
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 Oaktree Capital Management
Oaktree Capital Management is a leader among global investment managers specializing in alternative investments, with approximately $100 billion in assets under management as of September 30, 2016. Oaktree has been managing real estate-dedicated vehicles since the firm’s inception in 1995. Oaktree’s real estate group consists of 53 investment professionals, located in seven offices worldwide and invests in multiple asset types across three strategies -- performing debt, value-add, and opportunistic.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
