First Tenant Signs at Ponce de Leon Towers

(Crystal Proenza is associate editor of Real Estate Florida.)

CORAL GABLES, FL- The Allen Morris Co. has inked its first lease at Ponce de Leon Towers, a new office building due to break ground in the first quarter of 2009. Rockefeller Group Business Centers, a subsidiary of the New York City-based Rockefeller Group, has signed a long-term lease to occupy a full, 25,000-sf floor of the structure that will be constructed as part of the seven-acre Old Spanish Village mixed-use development. Terms of the lease were not disclosed, but rental rates at the building range from $34 to $45 per sf triple net, with operating expenses around $15 to $16 per sf, says Allen Morris, chairman, president and CEO of the Coral-Gables-based development company.

The 16-story tower, which will be located at 2801 Ponce De Leon Blvd., will contain 215,000-sf of class A office space and is seeking LEED certification. The structure is designed after a 15th-century gothic cathedral of Barcelona and is expected to be complete in the first quarter of 2011, says Morris. Development surrounding the tower includes the Villas at Old Spanish Village, 38 town homes which broke ground in May; Casa Real, a mid-rise structure with 112 condominium units; El Prado, a building that will include 34 condominium units in a north tower and 30 units in a south tower; and approximately 35,000 sf of ground floor retail.