Doral Concourse signs 40K sf in leases

Infinity Insurance, Health Benefits Center and Pipeline Workspaces secured leases at Doral Concourse totaling about 40,000 square feet, The Real Deal has learned.

Cushman & Wakefield is the leasing firm for the Class A office property, at 8400 Doral Boulevard. Infinity Insurance, an Alabama-based company, expanded by about 7,000 square feet to nearly 20,000 square feet with plans to add about 20 jobs, according to a press release.

Pipeline, the shared office company that was last valued at $15 million, announced its 13,000-square-foot lease in July. Also new to the building: a long-term lease with HBC, a health insurance brokerage. The office marks the third South Florida location for the company.

Doral Concourse, a six-story, 240,950-square-foot office building, includes a structured parking garage and signage along Northwest 41st Street. Existing tenants include Humana, Marriott, General Mills and Starboard Cruise Services.

Doral is undergoing an urban transformation with the of addition two mixed-use, master-planned communities: Downtown Doral, developed by Codina Partners, and CityPlace Doral, developed by the Related Group, Shoma Homes and Prudential.

And vacancy rates in the Airport West Class A submarket have dropped from 10.1 percent to 7.4 percent from 2014 to 2015, according to Cushman & Wakefield’s 2Q 2015 Miami Office Snapshot Marketbeat report. Rental rates increased by 6.1 percent from $29.23 to $31.00 year-over-year.

CushWake Director Gordon Messinger represented the owner for the leases and expansions at Doral Concourse. The commercial real estate company completed its merger with DTZ in September, and now operates in the top ranks of global commercial real estate, with 250 offices in 60 countries, $5 billion in annual revenue, 43,000 employees and more than 4.3 billion square feet under management worldwide. – Katherine Kallergis