(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.
"This is a high-quality class A office building in the Coral Gables market, where there are very few options available," says Colliers senior VP and partner Carol Ellis-Cutler. "I am very optimistic the space will lease quickly as we already have several interested parties looking at this time." A 5,300-square-foot penthouse space is also available for lease, which Ellis-Cutler says is the only type of that space on the market.
Coral Gables has one of the lowest vacancy rates in Miami-Dade County, at 6.1% through the third quarter, according to CB Richard Ellis. Average annual leasing rates of $37 per square foot are the second highest in the county, reports the brokerage.
Tenants at 1600 Ponce de Leon are currently in the permit stage for their spaces and will occupy them in the first quarter of 2009, says Ellis-Cutler. The joint venture between Dayco Properties and Randall Hill has several other projects in the Coral Gables submarket, including 55 Merrick, a residential, office and retail mixed-use building, and a 125-unit residential tower, 1300 Ponce, currently under construction.
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