MIAMI-A year ago, One Park Square at Doral was nearly empty. But six months after New Boston Fund acquired and recapitalized the class A office tower, there’s a new story to tell. And it’s not just office—it’s also retail.
One Park Square just inked leases with two new retail tenants: Orlando Hair Salon & Spa and Mediterranean restaurant and gourmet market place Harvest Delights. Together, the businesses will occupy 6,519 square feet of retail space on the ground floor of the 281,000 square foot office building. Financial terms of the agreements were not disclosed.
“Doral is a very active market,” Tere Blanca, CEO of Blanca Commercial Real Estate, tells GlobeSt.com. “There are about 140,00 people that come to work daily and over 40,000 residents. There’s definitely demand for retail space in a great location like this one.”
The new deals bring the 11-story office tower’s total occupancy to more than 60%. Recent office lease transactions include Amadeus, N.A., Harley-Davidson Motor Company, Alcora Group, The Latin Recording Academy, Retailnova, and Visit Us, Inc., the U.S. division of Spanish hotel chain Iberostar.
“Upon full occupancy, we will have a tenant base of almost 1,000 people in the building, so this is a terrific location to serve the office tenants, the neighboring hotels and office buildings, as well as the multifamily rental product that will be built on the property adjacent to the office building,” Blanca says. A multifamily project is expected to break ground within the next year.
“In just six months we have gone from 11% to more than 60% leased at One Park Square,” says Jon Gillman, senior vice president of Asset Management at New Boston Fund. “This significant activity confirms that excellent real estate, such as One Park Square is of great interest to a broad range of tenants.”
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