MIAMI—Downtown Miami office space is defying market expectations in the wake of the Great Recession, but new office buildings like 396 Alhambra in Coral Gables are also gaining traction. Agave Holdings’ mixed-use development just inked a deal for two floors of space with a foreign company.
Millicom International Services, a Florida arm of the Swedish-listed emerging markets cellular provider Millicom International Cellular, is relocating its Fort Lauderdale offices to 396 Alhambra. The company will take down 22,280 square feet of class A office space in the North Tower. Financial terms of the lease were not disclosed.
Danet Linares and Andres del Corral of Blanca Commercial Real Estate represented landlord 396 Alhambra, LLC in the transaction. Keith Edelman and Scott Goldstein of Jones Lang LaSalle represented Millicom.
“396 Alhambra has proven itself a magnet for new-to-market multinational users looking to enter the Miami market and expand their presence here,” Linares, executive vice president at Blanca, tells GlobeSt.com. With the Millicom lease, the office tower is now 53% occupied less than one year since delivering to the market.
Millicom will join a number of existing tenants including HBO Latin America, whose 66,000 square foot lease was the largest office transaction in Coral Gables in 2011, law firm Richman Greer, P.A., Banco Pichincha; CitiBank, N.A.; and architecture firm RTKL Associates.
396 Alhambra is winning tenants with its quality office space and strategic location, but the building also has a sustainable advantage. The newly-constructed 163,000 square foot North Tower has been pre-certified LEED Gold by the United States Green Building Council and the existing 85,000 square foot South Tower has been designed to achieve LEED Silver certification.
“The Coral Gables market is experiencing 25% vacancy rates, but there is still evidence of a flight to quality underway as tenants seek space in newer class A buildings,” Linares says. “Brisk leasing activity and the lack of new construction planned for the Coral Gables market leaves 396 Alhambra in a position to be 75% leased by the end of the year.”
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