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Office Condos Delivered to Coral Gables

MIAMI-Dayco and Randall Hill's 80,000-square-foot project is 85% sold, with the rest being leased.

By Crystal Proenza | Updated on December 17, 2008

(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.

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