Hines' 250,000-SF Office Building Signs Major Tenant

MIAMI-A new 12-story, 250,000-square-foot, class A office building called 2525 Ponce de Leon is scheduled to break ground this quarter in Coral Gables, FL and has signed its blockbuster first tenant. The law firm Adorno & Yoss will lease 55,000 sf for 12 years in the building developed by Hines, an international, privately owned real estate development, acquisition, leasing and managment company.

The developer would not disclose what the lease is worth, but based on $32 per sf–the low end of the asking rents in the building–the lease has an estimated value of $21.12 million. The quoted rental range in the building is $32 to $34 per rentable sf. With this first tenant, the building is 22% leased.

When the 2525 Ponce de Leon office building is completed, scheduled for the third quarter of 2004, Adorno & Yoss plans to move more than 200 employees there from its main office in Coconut Grove. Adorno & Yoss, which will be one of the city’s biggest employers, will be the first major law firm in South Florida to relocate to Coral Gables. The 17-year-old Adorno & Yoss now has offices in five South Florida cities: Coconut Grove, Fort Lauderdale, Boca Raton, Naples and West Palm Beach.