The Real Deal Miami

TA Realty pays $96M for Doral
office building

New Boston Fund sold the property
By Katherine Kallergis | September 29, 2017 10:30AM

One Park Square and Jon Gillman (Credit: New Boston Fund, CBRE)

A company tied to TA Realty paid $96.1 million for One Park Square, a Class A office building next to CityPlace Doral.

Property records show TA Realty’s Gateway Renellie LLC bought the nearly 282,000-square-foot building from New Boston Fund, a Boston-based investment, development and management firm. It marks the second purchase for TA Realty in the CityPlace area in two months. No financing was recorded.

A Shoma Group affiliate completed the 11-story building at 3470 Northwest 82nd Avenue in 2010. One Park Square includes about 50,000 square feet of ground floor retail space, a fitness center, conference center and parking, according to a press release. It’s 91 percent leased to tenants that include Latin World Entertainment Agency and Amadeus North America.

The deal marks one of the most expensive office sales to close in Doral. About a year ago, Hines sold a portion of the Doral Corporate Center to Rialto Capital Advisors for $56.25 million.

Christian Lee, José Antonio Lobón and Andrew Chilgren of CBRE, along with Tere Blanca, Danet Linares and Andres del Corral of Blanca Commercial Real Estate represented New Boston Fund in the deal. Jon Gillman, New Boston Fund’s senior vice president of asset management, declined to comment on the sale.

Shoma, who co-developed parts of CityPlace Doral with the Related Group, sold the building to New Boston Fund in 2010 for $27.5 million.

Last month, Related, Shoma and PGIM Real Estate Investors sold another piece of CityPlace Doral, the Manor at CityPlace apartments, for $135 million to TA Realty. Earlier this year, the Boston-based asset manager sold a Waterford at Blue Lagoon office building for $11 million.

Overall, CityPlace, an $800 million mixed-use development, spans 55 acres and includes 40 retail, restaurant and entertainment tenants anchored by the 550-seat CinéBistro, more than 1,000 residential units, including 150 single-family homes developed by Shoma, 700 rental apartments and 320 condos.