MIAMI-Taking advantage of the lower office rental rates today, BAC Florida Bank has signed an early renewal of its 40,857-square-foot lease at the BAC Colonnade in downtown Coral Gables. The bank signed up for 12 years at the building owned by Deka Immobilien Investment GmbH, a German entity which operates open-ended real estate funds.

Early renewals are not unusual today, says Maggie Kurtz, one of the leasing agents for the building and a director at Cushman & Wakefield. She says that it is the largest lease transaction in Coral Gables so far this year.

According to the lease agreement, BAC Florida Bank will continue to occupy the entire seventh and eighth floors as well as a portion of the ground floor, where it operates a bank branch, in the 205,000-square-foot Colonnade building. By renewing its lease 23 months early, it was able to re-negotiate the rent for the last two years of its existing lease.