Fortress Investment Group has finalized a refinancing package for the Design Center of the Americas in Dania Beach, Florida. City National Bank of Florida provided the $45 million loan to support the 780,000-square-foot office and design showroom complex. The property is located at 1855 Griffin Road, directly facing Interstate 95. This financial move comes after a protracted and aggressive foreclosure fight with the site’s former owner, New York billionaire Charles Cohen.
The campus was originally built in 1988. Over the last two years, Fortress has injected roughly $3 million into updating the facility. The company intends to spend an additional $3 million to $5 million on renovations over the next year. In June, the firm brought in Jamestown to oversee the management and leasing operations for the mixed-use property. These changes aim to modernize the aging infrastructure while attracting new business to the sprawling site.
Tenant History and Vacancy Challenges
The center has struggled with occupancy recently. Approximately five years ago, the property lost a major tenant when online pet retailer Chewy moved out. Chewy had occupied about 100,000 square feet of space within the complex. The company relocated its operations to Plantation Pointe. Losing an anchor tenant of that size creates a significant financial gap for a property of this magnitude.
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Design centers operate differently than standard office parks, relying on a curated mix of permanent showrooms and temporary exhibits to draw traffic. The departure of a major corporate tenant like Chewy signals a shift in how these spaces must be utilized, moving away from large single-user blocks toward a fractured, multi-tenant model. The investment in renovations suggests a calculated bet that aesthetic improvements will attract smaller design firms back to the location.
Since the Chewy departure, filling that vast amount of space has been a priority. The management change to Jamestown signals a shift in strategy to re-lease the vacant square footage. The firm is expected to market the property aggressively to the interior design and furniture sectors, which are the traditional tenants for such facilities.
Foreclosure and Credit Bids
Fortress gained control of the Design Center and the neighboring Le Méridien Dania Beach hotel in 2024. The firm acquired the assets through a $76 million credit bid. This action was part of a larger foreclosure lawsuit targeting Cohen Realty Enterprises. Charles Cohen’s father, Sherman Cohen, established the real estate company in the 1950s, making the legal battle a personal and generational conflict for the owner.
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The roots of the dispute reach back to 2022. That year, Fortress extended a massive $535 million debt package. The financing covered several commercial properties owned by Cohen, including the Dania Beach assets. Cohen personally guaranteed a substantial portion of the debt, totaling $187 million. The default occurred just a year later. This financial lapse gave Fortress the legal opening to seize the commercial real estate assets to cover the unpaid balance.
The lender believed the commercial properties held significantly less value than the outstanding debt total. Because of this discrepancy, Fortress moved to target the borrower’s personal assets. The list of seized or targeted items was extensive and luxurious. It included a chateau and vineyard estate located in the south of France. It also included a 220-foot megayacht and a high-value collection of Ferrari sports cars. These assets represented the personal wealth Cohen had built over decades in the real estate industry.
Cohen has fought back against these seizures. He sold off several properties in New York to raise capital. In June, the billionaire announced he had satisfied the full judgment amount. Despite this payment, the legal issues are not entirely resolved. Cohen has filed a court action seeking to recoup $204 million in alleged damages. A representative for Fortress did not respond to a request for comment on the situation.
