MIAMI—Coral Gables' famed Douglas Entrance fetched $100.75 million when it traded just over a year ago. Now, Banyan Street Capital and Oaktree Capital Management, the landmark office campus' owners, is getting a $7 million facelift.

Ownership is in the middle of a modernization project to restore the office property's iconic status as the original entrance to Coral Gables. The goal is to maintain the property's appeal among top-tier domestic and multinational users.

“Coral Gables offers many executives shorter commute times and is located minutes from the airport,” Danet Linares, vice chairman of Blanca, tells GlobeSt.com. “Some users see value in having a Brickell Avenue address. Both neighborhoods have a good mix of restaurants and a critical mass of companies doing business in the area.”