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800 Waterford
Doral Concourse
5835 Blue Lagoon Drive (Waterford Office Park)
Sale Price: $10,550,000 ($183 PSF)
Size: 57,565 SF - Class B
Class B Buyer: Blue Lagoon Investments, LLC.
(New York based firm)
One Park Square
Sale Price: $96,100,000 ($341 PSF)
Size: 281,785 SF - Class A
Class A Buyer: TA Realty
5040 NW 7th Street
On the market for sale
Sale Price: $10,900,000 ($132 PSF)
Size: 82,763 SF - Class B
Class B Seller: Netz USA LLC (Israel based firm)
AIRPORT WEST PRICING
HIGHLIGHTS
Demand and tour activity fundamentals remained strong as new Class A supply did not
put a damper on pricing. The last two quarters remained above $34.00 PSF which was
another decade high average. Following suit and on the rise since 2010, Class B quotes
also closed out third quarter at a record high average of $27.46 PSF – marking a 22.0%
increase. Some of the highest priced Class A offices included One Park Square ($37.25-
$37.50 PSF) and 8333 Downtown, Downtown Doral’s newest building ($37.00 PSF –
unchanged over the quarter but up from 2016’s average of $34.00 PSF). The park’s four
legacy buildings had quotes in the $31.00 PSF range. Quoted rates at Waterford’s 5200
and 703 Buildings remained unchanged over the quarter ($36.00-$37.00 PSF). Also
among top tiered pricing was Doral Concourse ($35.50 PSF). Pricing at The Landing at
MIA’s was $35.50 PSF for Class A space and $30.50 PSF for the Class B buildings. Third
quarter quoted rates were unchanged from midyear but up from first quarter’s $32.00-
$35.00 PSF to the current $34.00-$35.00 PSF at Doral Corporate Center.
The 800 Waterford project increased its quotes during first quarter 2017 by
approximately $0.50 PSF ($34.00 to $38.50 PSF). Opened at third quarter 2017, full
service rates (which included an estimated $10.00 PSF for operating expenses) ranged
from $35.00-$38.00 PSF.
Among the quarter’s highest asking Class B rates were the three MetLife Waterford
buildings, where quotes remained unchanged over the quarter at $32.51-$33.41 PSF.
Doral Court’s asking rate remained at $31.00 PSF for all of its spaces. All of the Class
B offices at The Landing at MIA had quotes of $30.50 PSF. Lennar Corporate Center
maintained an average $27.00 PSF asking rate for all of its spaces. 9250 Doral quoted
$30.00-$33.00 PSF for its last two remaining spaces. At Flagler Corporate Center, all of
the remaining office space was quoted at $29.00 PSF at the close of the quarter.
INVESTMENT SALES
DURING 3Q 2017