The DCOTA, which bills itself as the largest freestanding design center in the US, has 150 showrooms featuring a selection of upscale designer furnishings including fabrics, furniture, lighting, flooring, antiques and decorative items that draws designers from across southern Florida.
The Danto family had several offers to sell the building in the past but didn't consider them seriously until last year when the company began negotiating with Chicago-based Merchandise Mart Properties. When that deal fell through, it opened the door for negotiations with the Cohen Brothers.
Charles Cohen, president and chief executive officer of Cohen Brothers Realty, could not be reached for comment but his spokesman, Steve Solomon, tells GlobeSt.com that Cohen opted to purchase the DCOTA because of his past successes with the Decoration & Design building in New York City, the Pacific Design Center in Los Angeles and the Decorative Center of Houston. All three design centers were purchased by Cohen in the past 10 years.
"He's had a great affinity for design centers and has been very successful with them," Solomon says of Cohen, who owns 11 million sf of prime Manhattan, Los Angeles and Houston commercial space.
Solomon says it is unclear what Cohen has planned for the DCOTA but noted that he expects the real estate executive to announce his intentions once the deal closes later this summer. "He will look at the property and see what it needs to make it better," he says, noting that Cohen's revitalization technique is designed to make properties "more consumer friendly."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.