Strategic Repositioning Of Doral Office Campus Culminates In Sale Of Stabilized Office Assets, Launch Of Multifamily Development

Ascentris, in partnership with Highline Real Estate Capital LLC and Square2 Capital LLC, announced the completion of a multi-phase repositioning of Westside Plaza, a three-building office campus in Doral totaling 382,637 square feet, resulting in the $63,000,000 sale of Westside Plaza I and III, a stabilized office portfolio, and the redevelopment of Westside Plaza II into a 380-unit multifamily rental community in partnership with ZOM Living.

Originally acquired in 2021, the campus was repositioned through a multi-year strategy to concentrate tenancy, enhance the office assets and unlock a portion of the site for residential development, enabling two distinct paths for value creation.

“We had a clear view of how demand in the market was shifting and structured the business plan to create flexibility from the outset. By concentrating tenancy, investing in the office assets and advancing a residential component, we were able to unlock value across the site and execute on both sides at the right time,” said Jay Caplin, Principal at Square2 Capital.

As part of that strategy, ownership increased occupancy across Westside Plaza I and III from approximately 63 percent at acquisition to 98 percent at the time of sale, supported by a comprehensive renovation and leasing program. Improvements included upgraded lobbies, common areas and tenant amenities, as well as the addition of spec suites that drove leasing velocity and enabled the partnership to capture rising market rents.

On March 20, the partnership sold Westside Plaza I and III, a two-building office portfolio totaling 276,637 square feet, to COFE Properties, LLC. The assets were 98 percent leased at closing, reflecting strong demand in a submarket where approximately 2.5 million square feet of office inventory has been removed or is slated for redevelopment, contributing to tightening vacancy and upward pressure on rents.

In parallel, the partnership advanced plans for the redevelopment of Westside Plaza II, a 6.57-acre site previously improved with a 106,000-square-foot office building. On January 16, 2026, the property was sold to a joint venture between ZOM Living, Ascentris, Highline and Square2. The site will be redeveloped into a 380-unit multifamily rental community under Florida’s Live Local Act.

“While the improvements we completed at Westside I and III set the table for a highly viable office execution, the passing of the Live Local Act created an accelerated path to a multifamily redevelopment, and our partnership recognized this as the highest and best execution for the project,” said David Moret, Principal at Highline Real Estate Capital.

The multifamily project is positioned within close proximity to CityPlace Doral and the broader Airport West employment corridor, offering a “surban” environment with access to both walkable amenities and regional connectivity.

“The ability to pursue both outcomes simultaneously reflects the importance of flexibility and active asset management in today’s environment,” said Tricia Noble of Ascentris. “As market conditions evolved, we were able to advance a residential development while strengthening the performance of the remaining office assets.”

The transactions reflect a broader trend across South Florida, where shrinking office supply and continued population growth are driving increased interest in repositioning well-located sites to accommodate a mix of uses.

The sale of Westside Plaza II was brokered by CBRE’s Robert Given, Brad Capas and Troy Ballard. The sale of Westside Plaza I and III was brokered by CBRE’s Chris Lee, Sean Kelly, Tom Rappa and Matthew Lee.