The Republic Bank Building in Coral Gables, FL will be rebranded by new owner TA Realty of Boston.
CORAL GABLES, FL—Boston-based TA Realty has purchased the Regions Bank Building at 2800 Ponce de Leon Blvd. from Regions Bank.
In conjunction with the purchase, TA Realty has hired Avison Young as the exclusive leasing, property management, and project management firm for the 15-story, 146,202-square-foot, multi-tenant, class A office building. The property also features a six-story parking garage that offers a parking ratio of 3.5 spaces per 1,000 rentable square feet, one of the highest ratios in the Coral Gables CBD.
No financial details were disclosed. The Real Deal reported the purchase price was $60 million. Prior to this deal, the most significant office sale in Miami-Dade during first quarter 2019 was the $37-million sale of 250 Bird Road in Coral Gables, which Avison Young's Florida Capital Markets Group closed on behalf of the seller.
Avison Young principal and Miami managing director Donna Abood, VP Joe Abood, and associate Peyton Dowd will spearhead leasing at 2800 Ponce de Leon Blvd. Avison Young principal Michael Vullis will lead property management, and SVP Eric Swanson will lead project management. TA Realty plans to rebrand and reposition the asset in the highly sought-after Coral Gables Central Business District with a name change and significant capital improvements.
“Coral Gables continues to see robust office activity as shown by a decreasing vacancy rate and positive absorption comparable to Brickell in Miami's urban core,” says Abood. “Investors and tenants alike are increasingly eyeing Coral Gables, especially opportunities along Ponce de Leon Boulevard near Ponce Circle Park which has become the new main and main of the submarket's CBD.”
The overall office vacancy rate in Coral Gables as of the first quarter 2019 was at 8.74%, down from the previous quarter's 10.23%, according to Avison Young. The city has been the only large office submarket, and one of only a few overall, in Miami-Dade County to maintain consistent positive absorption for consecutive quarters since fourth quarter 2014.
“As 2800 Ponce continues to attract and retain tenants, we look forward to working with new ownership on various projects to revitalize the building and activate currently underutilized attributes such as its lobby and common areas, rooftop terrace, and on-site restaurant and café,” Swanson says.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
