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MIAMI-Recent and upcoming renovations at Doral Center, a 1.4 million-sf business park in the Airport West submarket of the city, are paying off. In the last quarter, the park, which is approximately 76% occupied, signed 90,000 sf in leases, according to Jay Perkins, senior vice president and regional director for Florida for Jones Lang LaSalle, which leases and manages Doral Center.

The terms of the deals were not disclosed, but based on the asking rental range for class A space in the park of $20 to $22 per sf, and the asking rate for class B space of between $18 and $19 per sf, the deals are estimated to be worth nearly $8.8 million combined.

The recent activity boosts the leasing deals in the business park above the 200,000-sf mark over the last year. “Year-to-date leasing in the park is 236,000 sf, which in today’s market is no small feat,” Perkins says.

Doral Center, which consists of class A and B space, is undergoing an $8.3 million renovation total on most of its 30 buildings. So far, two class A and two class B buildings have been renovated.

“Doral Center is in the process of trying to improve the quality of the asset,” Perkins says. “As a result of that, the leasing is starting to pick up. We’re very fortunate to say we’ve got product that’s up to date and new and fresh, and that is helping quite a bit with our leasing.”

Some of the leases are in buildings that are being renovated. “Those were buildings that needed some love and attention and needed to have some upgrading, and all of that is under way,” Perkins adds.

Some of the leases signed at Doral Center in the third quarter include Benihana National Corp., which signed a 15,000-sf lease; Samsung Electronics, which is taking 6,500 sf; Marriott International Inc., which inked a deal for 9,500 sf; and GTE International, which signed for 2,000 sf.

Leasing agents shoot for transactions to be between five and 10 years, says Perkins. The majority of deals at the park are less than 10,000 sf each, he adds.

On Oct. 16, Doral Center and Jones Lang LaSalle plan to announce the renovation plans and start a broker incentive program to last for six months.

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