SOURCE: Foundry Commercial

Foundry Commercial

Foundry Commercial

August 14, 2017 09:29 ET

Demetree Global Selects Foundry Commercial As Exclusive Leasing Agent For 2600 Douglas In Coral Gables

Premier office building is currently undergoing $10 million capital improvements in desirable South Florida market

MIAMI, FL--(Marketwired - August 14, 2017) - Demetree Global, building owner of 2600 Douglas, has selected Foundry Commercial as the exclusive leasing agent for its 197,642 square-foot Class A office building in downtown Coral Gables. Foundry Commercial's Randy Olen and Sareska Batista will act as the leasing agents for the building, 72 percent of which is already leased.

Located at 2600 S. Douglas Rd., the high-rise office building is within walking distance to Miracle Mile and downtown Coral Gables, placing it at the center of a lively dining, shopping and cultural destination in South Florida. In addition to its idyllic location, 2600 Douglas is also undergoing a $10 million capital improvement, designed by Zyscovich Architects. The building improvements include a renovated lobby, elevators, common corridors, elevator landings and restrooms, some of which have already been completed. Additionally, 2600 Douglas is currently undergoing significant exterior renovations, including a remodeled building entrance, complete with a porte cochere, as well as façade improvements on both the north and south sides of the building.

Current onsite amenities at 2600 Douglas include covered parking, security personnel and security system, onsite building management staff, a deli, a bank with an ATM and drive-thru lanes, a car wash, and an electronic lobby directory. Meeting space and conference rooms will also be available soon. Rooms currently undergoing renovations will be completed later this year.

"This is a smart project that will refresh what has always been one of the most desirable office locations in Coral Gables, so we're looking forward to working with Foundry Commercial," said Mary Demetree, Chairwoman, Demetree Global.

"We are very excited to partner with Demetree Global to market and lease 2600 Douglas," said Olen. "The owner's commitment to the project's success is evident with the significant renovations that are underway. Together with the extensive streetscape project being completed in downtown Coral Gables, this building offers excellent leasing availabilities in one of South Florida's most vibrant markets."

In addition to the the renovations underway at 2600 Douglas, Demetree Global just acquired the Bank of America space in this building on July 31, 2017. This 6,500 square-foot office condo was purchased for $4.2 million and leased back to Bank of America. Demetree Global is currently working on three other development/redevelopment projects: 20,686 square-feet of retail in Tallahassee, a 54-acre mixed-use redevelopment in Orlando to include student housing and retail; and a 5-acre mixed-use development in Winter Park.

Foundry Commercial's activity in the South Florida market has grown steadily over the last several years. Most recently, the firm broke ground at Carrie Meek International Business Park -- an 800,000-square-foot Amazon fulfillment center that will create over 1,000 full-time jobs in Miami-Dade County.

About Demetree Global

Demetree Global has been a pioneer in land development, construction, commercial real estate and land use, positioning the company as an industry leader for more than 65 years. Evidence of the Demetree entrepreneurial spirit and vision is built into skylines, executive office centers, suburbs, multi-tenant facilities, student housing, real estate development projects and retail shopping centers throughout Florida. The Demetree Global family of companies has a rich heritage in Jacksonville, Miami and Orlando, Florida. After selling 12,500 acres to Walt Disney and helping create the Orlando skyline, the Demetree trademark remains known for its attention to detail, superior service and successful business relationships with employees, partners and clients.

Demetree Global's portfolio of investments includes 1.5 million square-feet of commercial real estate, over 6,000 residential units, more than 1,200 hotel keys, 1,600 acres of raw land and a variety of operating businesses across several industries. For more information, visit www.demetreeglobal.com.

About Foundry Commercial

Foundry Commercial is a full-service real estate services and investment company with 270 employees and more than 45 million square feet of management and leasing across the Southeast and Texas. Foundry provides corporate services, brokerage, leasing, building management and project management services, and is the largest real estate service provider to religious and not-for-profit organizations in the country. Foundry also includes a development and investment platform that is fully integrated into its services business, leveraging its local market expertise to control nearly $700 million in advantaged investment opportunities in partnership with its clients. Foundry Commercial was founded as CNL Commercial Real Estate in 2007 and launched as Foundry in 2015 through a management-led buyout. For more information, visit www.foundrycommercial.com.

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