The third building "will be a mirror image of Doral Costa I," a Terranova spokeswoman tells GlobeSt.com. The construction cost is $20 million, and completion is scheduled for this October.

SVP Walter K. Robinson and VP Laurel D. Oswald of the Miami office of Transwestern Commercial Services, are exclusive leasing agents for the park, which is managed by Terranova. Robinson tells GlobeSt.com the existing buildings are 100% leased. The asking rental rate for Doral Costa II, he says, "is between $19 per sf and $21 per sf, triple-net plus $8-per-sf operating expenses." This represents an increase of $1 per sf in the park since late November 2005. "This is a tight market," Robinson says, "and Doral and Airport West have excellent market drivers, including infrastructure and good demographics."

"There has been no major new office development in Doral's Airport West submarket in several years," adds Trish Blasi, president of Terranova. "The Miami-Dade office market continues a steady recovery. Countywide, overall office vacancy has decreased from 11% at the end of 2004 to 8.8% at the end of third-quarter 2005."

The tightening of the Miami-Dade office market is also seen at properties 25 miles to the northeast in Hollywood, where CDR Presidential LLC, the owner of Presidential Circle, also retained Transwestern's Robinson and Oswald as leasing agents. "Companies in this submarket can recruit employees from Miami-Dade and Broward counties," Robinson says.

Occupancy in the two-building, 280,000-sf class A office complex at 4000 Hollywood Blvd. is "north of 95%," he says, and the rental rate is $20 per sf, triple net plus $12.20 per sf in operating expenses.

Instant Insights /

UPDATE: TA Associates Begins $20M Doral Costa II

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