Cushman & Wakefield and Behar Real Estate Group, Inc. has negotiated an ±81,000-square-foot relocation lease with Florida Blue at Doral Court.
According to Cushman & Wakefield research, this the largest office relocation lease of 2017 in Miami-Dade, Palm Beach and Broward Counties.
Managing Director Gordon Messinger negotiated the lease on behalf of a joint venture of Banyan Street Capital and DRA Advisors LLC. David Behar of Behar Real Estate Group, Inc.represented Florida Blue.
Florida Blue will fully occupy the top four floors (eighth, seventh, sixth and fifth) of Doral Court, and half of the first. The company will house its South Florida regional office in the space, totaling approximately 350 full-time employees in more than 20 departments. A third quarter 2018 move-in is anticipated following a significant build-out of the new space. Florida Blue is relocating from Westside Plaza at 8400 NW 33rd Street.
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 into a Class A office building. Preliminary plans include a comprehensive exterior renovation and updates to the common area lobbies, corridors and bathrooms.
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.
“We have worked with Florida Blue in the past on a number projects in South Florida. The assignment began approximately a year ago and we were able to identify a handful of opportunities for them to right-size their footprint. Working with Gordon, Banyan Street and DRA Advisors was a pleasure,” said Behar.
“Securing this lease was a highly competitive process. Many landlords were courting Florida Blue,” said Messinger. “In the end, however, Florida Blue was very excited to be part of Doral Court’s repositioning and the surrounding redevelopment of the project, which will also include a multi-level parking garage for the office tenants. As a tenant, they will benefit from the operational efficiencies inherent to the space while maintaining excellent visibility with top-of-building signage in the most dynamic redevelopment project at Doral’s Main and Main.”
Added Messinger, “Florida Blue and Banyan Street Capital also have a previous relationship in other markets. Banyan’s understanding of Florida Blue’s requirements and needs was a contributing factor in securing this lease.”
Doral Court sits at the intersection of Doral Boulevard/NW 36th Street and NW 87th Avenue.
Florida Blue is a leader in Florida’s health insurance industry with 5 million members in Florida while serving nearly 18 million people in 12 states through its affiliate companies.