New Codina Building Fetches High Rents

CORAL GABLES, FL-Codina Realty Services Inc. ONCOR International has signed its first six tenants to five-year leases at average asking rents of $29 per sf to $35 per sf in the new 16-story, 233,000-sf, class A office building at 355 Alhambra Circle in suburban Coral Gables, six miles south of Downtown Miami.

The rent range is among the highest to date in metro Miami-Dade County. Cushman & Wakefield of Florida Inc. puts the average asking Downtown rent at $27 per sf.

The leases, totaling 54,800 sf, have an estimated total value of $7.95 million and bring the building’s occupancy to 50%. Codina Group and its subsidiaries occupy 36,000 sf. The building is the first class A office structure to come online in Coral Gables since 1999.