Financial terms of the deal were not disclosed; however, based on the direct weighted average class A rental rate of $30.55 per sf for the Coral Gables submarket according to a fourth-quarter Cushman & Wakefield report, the lease is estimated to be valued at more than $6 million.
"Kraft's move to 355 Alhambra exemplifies what we envisioned when we first began the development of the office tower," says Armando Codina, founder and chairman of Codina Group. "It is a great tribute to the city and to our building that Kraft's Latin American headquarters will soon relocate to Coral Gables."
Augusto Nacarini, vice president of human resources for Kraft Foods Latin America, adds, "A key consideration for the selection of this building was its proximity to the airport and in-house facilities such as on-site banking, parking and building management."
The 355 Alhambra office tower, completed in 2001, is located in the heart of the city's business district. Codina Group developed the building and handles its management and leasing. Other major tenants in the building include Merrill Lynch, Washington Mutual Bank, Accenture, Lott & Friedland PA, Zubi Advertising and Codina Group. Jack Lowell, vice chairman of Codina Realty Services Inc. Oncor International, and Christie Grays, an associate with the company, represented the building's owner, 355 Alhambra Ltd., in the transaction. Steve Evans of USAA Realty represented Kraft.
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