Fortress Investment Group is tapping Atlanta-based Jamestown to revive the Design Center of the Americas showroom and office campus in Dania Beach, less than a year after one of the largest UCC foreclosures in history.
Jamestown is stepping in to lead asset management, leasing, marketing and operations as Fortress rolls out up to $8M in upgrades aimed at reviving the 780K SF campus, according to a release.
“For more than 40 years, DCOTA has served as South Florida’s epicenter for consumer and trade design services, and with our investment program to enhance the center for tenants and guests alike, and the appointment of Jamestown, we know DCOTA’s appeal today is stronger than ever before,” said David Moson, managing director and head of U.S. real estate asset management at Fortress.
The investment giant acquired DCOTA and the neighboring Le Méridien hotel through a UCC foreclosure auction after the previous owner, Charles Cohen’s Cohen Realty Enterprises, defaulted on a $534M loan provided by Fortress in 2022.
Fortress took over the properties in November after acquiring them with credit bids totaling $148.7M, The Real Deal reported at the time.
Fortress has already made $3M in improvements to the property, introducing an updated DCOTA Resource Center, which holds communal workspace for designers, according to the release. The company plans up to $5M over the next year for renovating common spaces, restrooms and landscaping at the building at 1855 Griffin Road.
Jamestown, which manages over $14.2B in assets across the U.S., Latin America and Europe, plans to attract new showroom tenants to DCOTA, including brands entering the South Florida market for the first time.
It is also looking to improve branding and expand events on the campus.
The Atlanta-based firm is drawing from experience with similar projects, including the Boston Design Center at the Innovation and Design Building, the Brooklyn Design District at Industry City and the Charleston Design District at Navy Yard Charleston.
The real estate investment manager will work alongside Lincoln Property Co., which was tapped to serve as the property manager in December.
DCOTA is a three-building campus featuring more than 35 showrooms, with tenants like Cowtan & Tout, Downsview and Holly Hunt. Office tenants include JetBlue Travel Products and Medtronic and full-service restaurants DCOTA Cay and a coffee bar named C Bar.
This article by Chloe Gallivan originally appeared in Bisnow.
