The company, however, will not identify the tenant until the deal is done. The bank is retaining an undisclosed amount of space in the building.
The leasing transaction follows Hines' acquisition of the bank building Jan. 16, along with two smaller buildings scheduled for demolition and 3.5 acres of undeveloped land about one block south of the Miracle Mile shopping corridor at 2525 Ponce de Leon Blvd.
Hines would not disclose the package purchase price, but Miami brokers familiar with the Coral Gables properties tell GlobeSt.com the estimated value of the deal with the Charlotte, NC-based banking company is at least $20 million.
The acquisition complements Hines' previously-announced plans to build a 12-story, 240,000-sf office building, and possibly a hotel or residential suites, on the eastern portion of the parcel. First Union officials did not respond to a GlobeSt.com request for comment.
Prior to the property transfer, Burger King Corp. once contemplated leasing space in the First Union building, Steve Gaunt, CRESA Partners/Miami vice president, tells GlobeSt.com. Gaunt represented Hines in the sale, along with associate Carter Hopkins. Employees of First Union negotiated for the bank.
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