Philadelphia-based Mintzer, Sarowitz, Ledva and Meyers leased 8,597 sf of office space in Alhambra International at 255 Alhambra Circle in Coral Gables, FL.
At about $26 per square foot, the value of the seven-year lease is approximately $1.56 million. Codina Realty Services Inc. research for the second quarter of 2002 showed the average asking rental rate for Coral Gables was $23.74 per sf. At that rate, the transaction would have been valued at $1.43 million.
While the market does fluctuate, this deal is evidence of a strong market, area brokers tell GlobeSt.com.
"The long-term lease and solid price per square foot show the strengthening of the office leasing market," a company spokeswoman tells GlobeSt.com.
The building's owner is American Ventures Inc.
K.C. Rietz of Codina Realty Services Inc. ONCOR International and Thomas Kramer of Smith Mack-ONCOR in Philadelphia represented the tenant. Kevin Fishman of American Ventures Inc. represented the landlord.
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