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

MIAMI-Locally based Dayco Properties and Randall Hill have received a certificate of occupancy on their latest development, 1600 Ponce de Leon Blvd. The 80,000-square-foot class A office condo building is the newest of its product type to open in the Coral Gables submarket.

The property is 85% sold, with more than 50% of those units set for closings within a month, Hill tells GlobeSt.com. Buyers are not yet being disclosed, but include financial services, lawyers, real estate developers and an executive center. Office condos at the $38-million project sold for an average of $517 per square foot, says Hill. Both Dayco and Randall Hill plan to run offices out of the building, and have decided to lease the remaining 15%, or about 10,000 square feet of the building.

Coral Gables-based Colliers Abood Wood-Fay has been named leasing agent for the space. Amenities at the project include three high-speed elevators, front desk concierge service, a parking ratio of two vehicles per 1,000 square feet, "smart" technology and wireless communication throughout the building. Full-service leasing rates range between $45 and $50 per square foot.