The company's appointment comes at the same time that amulti-million dollar renovation of the buildings is almostcompleted. The renovation includes a new building façade, hurricaneresistant windows, landscaping and parking improvements. EricGroffman, vice president of Transwestern, declined to give aspecific figure for the renovation's cost. The properties, whichwere built in the mid-1970s, are owned by the Keystone PropertyGroup, based in Bala Cynwyd, Pennsylvania.


The three buildings at the Dadeland Office Park, named for theDadeland Mall which dominates the area, are about 70% leased, saysGroffman, who notes that they share the rest of the complex withtwo other buildings not owned by the Keystone Property Group. Theother buildings are known as the Dadeland Towers South.


Groffman says that according to Transwestern research, in firstquarter 2010, the overall occupancy rate for A and B Classproperties in the 3.3-million-square-foot Kendall submarket was80.5%. Transwestern only includes buildings with 20,000 square feetor more in its data.


According to Co-Star, the Kendall submarket had negativeabsorption of 85,635 square feet in first quarter 2010. The averagequoted rent for the area is $28 per square foot for Class A and Bproperties.Although the newly renovated Dadeland Office Park hasmany efficiencies, says Groffman, the three properties are notLEED-certified.

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