CORAL GABLES, FL—In what is being pegged as the largest lease deal here so far this year, UBS has renewed its lease for 43,500 square feet of space at the 550 Biltmore office building here.
The 12-year lease renewal deal at the 162,293-square-foot building was announced by Taylor & Mathis, which represented the owner AEW in the transaction. Taylor & Mathis Director of Leasing Ryan Holtzman represented the building owner while Tony Jones of Cushman & Wakefield handled discussions for UBS.
“We are ecstatic that UBS decided to keep their domestic and international operations at 550 Biltmore. AEW spent millions of dollars over the past three years to upgrade the iconic building, including the lobby, elevators and common areas. This gave us our best chance to renew UBS, which paid off,” says Holtzman.
The financial services firm has been the anchor tenant at the 14-story building, since 1999. The renovations earned the building the Renovated Building of the Year award from the Building Owners and Managers Association (BOMA) in 2013.
Taylor & Mathis says that UBS conducted an extensive office space search within Coral Gables before deciding to renew at 550 Biltmore. The market, with a higher vacancy rate than neighboring sub-markets, had numerous office space options for the financial services firm. However, UBS eventually decided to renew its lease at the 550 Biltmore building.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
