Miami-based Banyan Street Capital, together with Los Angeles-based Oaktree Capital Management, are investing $7 million into an office complex in Coral Gables.
Douglas Entrance Office Parc, at 800 South Douglas Road, includes Class A high-rise office towers, street-level retail, boutique offices, an outdoor courtyard, a gym, and event and meeting space. The six-acre, five-building complex will undergo upgrades to its main office lobbies, elevators, corridors, restrooms, parking garage, signage and conference center, according to a press release.
Artwork will also be installed throughout the property, which is certified LEED Silver and also listed on the National Register of Historic Places. Blanca Commercial Real Estate is the exclusive leasing agent.
Banyan and Oaktree paid $101 million for the Coral Gables complex in March 2014. The city has seen increased residential and commercial development this cycle. Construction on the $20 million streetscape improvement plan for nearby Miracle Mile and Giralda Avenue will begin in September. — Katherine Kallergis