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

CORAL GABLES, FL-After weighing its options throughout the region, Kraft Foods Latin America has decided to keep its headquarters office at the 224,049-square-foot 355 Alhambra building. The firm originally relocated its regional headquarters from Rye Brook, NY to Coral Gables in 2004, and has now renewed its agreement in one of the largest office lease deals in the city during the last 12 months, says Taylor and Mathis' Brian Gale.

As one of the ten largest tenants in the City of Coral Gables, the lease renewal is especially important to the region, says Gale. "In today's market, if you lose a 30,000-square-foot tenant, it will take a while before you find a tenant or several tenants to backfill that space."

Kraft Latin America's new lease agreement is for 30,000 square feet, about 11,000 square feet less than its original deal four years ago, says Gale, who represented landlord AEW Capital Management in the recent transaction. The value of the lease is over $5 million, or in the mid $40s per square foot gross, Gale tells GlobeSt.com.