CBRE arranged the sale of One Park Square, a Zyscovich-designed, 281,786-square-foot office tower widely regarded to be among the most architecturally-striking office buildings in Florida.
The deal closed September 19.
Located at 3470 Northwest 82nd Avenue in Doral, the trophy office asset was sold to New Boston Shoma Park Square LLC, a Boston-based institutional advisor on behalf of New Boston Fund, also located in Boston, Massachusetts, for $96.1 million. The property last sold for $27,500,000 in September, 2010.
CBRE vice chairman Christian Lee and senior vice president José Antonio Lobón led the transaction, assisted by the leasing team at Blanca Commercial and management team from Stiles.
One Park Square is an 11-story building featuring six stories of Class A+ office over 5-stories of pedestal parking and 49,942 square feet of highly desirable ground floor retail. Built in 2010, the property is the newest office building in Doral and the undisputed premier address in the submarket. The building is 91 percent leased to a well-diversified group of tenants representing various industries, such as travel, technology, marketing and entertainment, healthcare and logistics.
“One Park Square’s location affords the property’s office tenants with walkability to retail on par with some of South Florida’s densest metropolitan cores,” explained Christian Lee.
The property abuts the newly constructed City Place at Doral, a multi-block in-fill lifestyle center with One Park Square’s signature concave glass façade being an integral part of this grand plaza. City Place includes 701 Class A apartments and 300,000 square feet of entertainment retail, supporting 22 restaurants and bars, a Fresh Market, a luxury movie theatre, nine boutiques and an upscale bowling alley.
One Park Square is located at the epicenter of Miami’s rapidly urbanizing City of Doral. Doral is home to many of Miami’s top corporations, including Amadeus, Carnival Cruise Lines, Ryder Logistics, World Fuel, Univision, Lennar and Brightstar. Forbes Magazine recently ranked Doral second on its list of “Cities to Live In.”
“Doral is the third-fastest growing city in the United States, with the city’s population more than doubling between 2003 and 2016 as a wave of affluent and entrepreneurial Latin Americans emigrated to the US, bringing their businesses and networks,” added José Lobón.
The Doral office market has seen seven consecutive years of positive absorption representing 1.26 million square feet, which has driven office market vacancy down by 1,050 bps to only 9.2 percent. The Class A vacancy in the submarket is even more acute, at only 6.6 percent.
The CBRE South Florida Capital Markets team also included vice president Amy Julian and financial analysts Andrew Chilgren and Marcos Minaya. Blanca Commercial’s Tere Blanca, Danet Linares and Andres del Corral assisted the CBRE team in marketing the property, as did Paige Musch and Liz Cruz of Stiles Property Management.