Real Estate Megafirm Sells Doral Office Building for $96M
The largest commercial investment firm in the world just arranged the sale of one of the most architecturally striking buildings in the state, per CRE Sources South Florida.
On Sept. 19, real estate mega firm CBRE closed the deal for One Park Square, a 281,786-square-foot office building in Doral known for its striking architecture and vast, curved glass facade. New Boston Shoma Park Square LLC, on behalf of Boston-based New Boston Fund, acquired the building for $96.1 million. The sale marks a 250 percent increase in value in about seven years; it was last sold for $27.5 million shortly after it was built in 2010.
CRE Sources South Florida calls the building a “trophy asset” and “the undisputed premier address” in the Doral area. One Park Square features 11 stories total, six of which are Class A+ office spaces. Five stories of parking comprise the additional floors, with 49,942 square feet of retail space also available on the ground floor. Currently, 91 percent of the building is leased to a range of tenants in industries spanning technology, healthcare, and marketing and entertainment.
The building’s proximity to CityPlace Doral is another draw. CityPlace includes apartments, 300,000 square feet of entertainment and retail space, a Fresh Market grocery store, nearly two dozen restaurants and bars, an upscale movie theater, boutiques, and more.
Doral, already home to corporations like Carnival Cruise Lines and Univision, is “rapidly urbanizing,” according to CRE South Florida, with One Park Square at the epicenter. The city is also vying for Amazon’s attention, hoping to be the home of the corporation’s new HQ2.