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Kraft Foods Takes 40,000 SF in Coral Gables

CORAL GABLES, FL-The company is planning to use the 40,000 sf at Codina Group's 355 Alhambra Circle office tower as the headquarters of its Latin America Region. Kraft signed a five-year lease.

By Melissa Bogdany | Updated on March 04, 2004

CORAL GABLES, FL-Kraft Foods International has inked a five-year deal for 40,000 sf of space on the 13th and 14th floors of Codina Group Inc.’s 16-story, 224,241-sf, class A office tower located at 355 Alhambra Circle for its headquarters of its Latin America Region.

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.”

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