News Summary
Jamestown has been appointed to oversee leasing and marketing at the Design Center of the Americas (DCOTA) in Dania Beach, Florida. This multi-year agreement with Fortress Investment Group aims to enhance the property and increase its visibility within the design industry. The project will focus on improving showroom leasing, enhancing common areas, and expanding design-related programming. Jamestown plans to utilize its experience from other properties to attract tenants and elevate the design-centric community in South Florida.
Florida – Jamestown, a leading design-focused real estate investment and management firm, has been appointed to oversee the leasing and marketing efforts at the Design Center of the Americas (DCOTA), located in Dania Beach, Florida. This agreement with Fortress Investment Group is a multi-year contract and reinforces Jamestown’s commitment to enhancing the property and increasing its visibility within the design industry.
The DCOTA comprises a three-building campus and has historically served as a major hub for design services in South Florida for over 40 years. Fortress Investment Group acquired the property for $76 million in a credit bid during a foreclosure auction seven months prior, following financial difficulties experienced by its previous owner, Charles Cohen. Cohen had borrowed $533 million from Fortress for refinancing, using the DCOTA as collateral.
Under the new management of Jamestown, the firm plans to ramp up showroom leasing efforts, particularly targeting brands from Central and South America. This strategic focus is expected to generate increased interest and foot traffic to the campus. Current tenants include notable companies such as Chewy, Chiquita, and JetBlue. Additionally, Jamestown aims to optimize the office space available to accommodate a diverse range of tenants.
As part of the revitalization plans, enhancements will be made to campus signage to improve overall visibility and awareness of the property. Furthermore, Jamestown intends to expand design-related programming and events held at DCOTA, aiming to foster a more vibrant community of design professionals and businesses.
Fortress Investment Group has already invested $3 million in improvements at the 780,000-square-foot property. An additional $3 million to $5 million is planned for renovations in the coming year. These improvements will focus on enhancing common areas, restrooms, landscaping, and elevators, to better serve the tenants and visitors of DCOTA.
The partnership between Jamestown and Fortress comes as part of a broader initiative by Jamestown to revitalize properties they manage across various U.S. cities. By implementing these upgrades and focusing on improved leasing strategies, Jamestown is positioning DCOTA for a successful future, aligning with the growing demand for design services in the region.
As Jamestown begins its management role, it will leverage its extensive portfolio, which includes the Boston Design Center and Brooklyn’s Industry City, to implement best practices and innovative strategies tailored to the unique needs of the DCOTA. The firm’s aim is to attract not just more tenants, but to elevate the entire design-centric community in South Florida.
In summary, Jamestown’s appointment to manage leasing and marketing at the DCOTA signals a new chapter for the property following its acquisition by Fortress Investment Group. With strategic improvements and a dedicated focus on enhancing tenant experiences, both firms are optimistic about the future growth and success of this significant design hub in Florida.
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