Three Coral Gables Office Buildings Winning Tenants

CushWake senior director Tony Jones

MIAMI—Coral Gables is seeing plenty of office market traction. Beyond the largest deal of 2016 inked in June, some office towers are winning big with tenants. SB Architects just renewed a 11,575-square-foot lease at BAC Colonnade Office Tower at 2333 Ponce de Leon Boulevard in Coral Gables, FL. CushWake senior director Tony Jones and director Ryan Levy represented SB Architects, which also has offices in San Francisco and Shenzhen, China. “With this renewal at BAC Colonnade, SB Architects saw a tremendous opportunity to immediately reduce its real estate costs while continuing to reside within a cutting edge office that provided a collaborative, functional and health-conscious work environment for employees,” Levy tells GlobeSt.com. Find out what gives BAC Colonnade an office market edge . BAC Colonnade Office Tower is a class A, 11-story office building close to Miami International Airport, the Port of Miami and Downtown Miami. It sits within a two-mile radius of more than 150 restaurants and cafes and is close to several entertainment venues, as well as executive housing. Bay View Corporate Tower is on massive office leasing roll. Over the past 12 months, it has seen nearly 180,000 square feet of office leases inked. New Boston Real Estate Investment Funds owns the building. “We’ve seen tremendous interest from prospective tenants at Bay View Corporate Tower,” Lobinsky tells GlobeSt.com. “The market is tightening and this is one of the few class A office buildings in Broward County capable of accommodating users of all sizes.” In effort to compete, Altis Cardinal recently hired Cushman & Wakefield to lease 901 Ponce, a 108,858-square-foot office building in Coral Gable, FL. The 10-story office tower was built in 1986 and Altis acquired it in August 2014. Altis has committed to a $3 million capital improvement plan that will reposition 901 Ponce as a class A asset. Improvements include a new roof, chillers, air handlers, and a resurfaced parking lot. Renovations to the building lobby, common areas and bathrooms are underway. “The Coral Gables submarket remains one of the region’s most sought after locations. It has the lowest vacancy rate among major Miami-Dade submarkets and is second only to the Airport West submarket in terms of leasing activity.”