DRA’s Investment In Doral Paying Big Dividends - Miami Airport Warehouses

The Transportation Security Administration (TSA) just signed a 30,000-square-foot lease at Doral Concourse.

The deal comes as Miami’s Doral submarket continues heating up. Cushman & Wakefield managing director Gordon Messinger represented the landlord, DRA Advisors. The TSA secured the long-term lease renewal in the class A office building, which is  located at 8400 Doral Boulevard.

“Doral Concourse remains an ideal fit for the TSA’s South Florida operations,” Messinger tells GlobeSt.com. “The building’s proximity to Miami International Airport, accessibility and updated finishes drove the agency’s decision to secure this large block of space on a long-term basis.”

Doral Concourse is a six-story, 240,950-square-foot office building. Starboard Cruise Services, Humana, Marriott, General Mills and Wells Fargo are among the most notable tenants.

Beyond the lease renewal, DRA is close to wrapping up a capital improvement program that includes renovations to the ground-floor lobby, upper-floor common areas and entryway exterior. The renovations have helped drive occupancy in the building well over 90%.

Doral Concourse offers structured parking garage with the highest parking ratio in the submarket—five spaces per 1,000 square feet—as well as fiber-optic service and monument signage with frontage on Northwest 41st Street/Doral Boulevard. The building is minutes from Miami International Airport and Downtown Miami and offers fast access to Palmetto Expressway, Dolphin Expressway and Florida’s Turnpike. Doral Concourse is located near Trump National Doral Golf Resort & Spa and is surrounded by an excellent amenity base, which includes the new CityPlace Doral.

Meanwhile, new-to-market tenants are flocking to Beacon Centre a class A business park located at Northwest 25th Street and Northwest 84th Avenue in Doral that is now 100% leased. Beacon Centre spans 425,000 square feet.

“We continue to see strong demand from tenants in the 10,000 to 30,000 square foot range that want to be located in the core of Doral in class A business parks with solid institutional ownership,” Transwestern senior vice president Thomas Kresse, who represents Beacon’s ownership, tells GlobeSt.com. “Beacon Centre’s location, curb appeal, and access to the major thoroughfares played an important role for both tenants in the decision-making process.”

Source: GlobeSt.