BAC Florida Bank to Relocate HQ to The Plaza in Coral Gables

CORAL GABLES, FL—BAC Florida Bank, which is in the process of being acquired by a Brazilian bank, has decided to relocate its corporate headquarters to one of the two office towers being built at the mixed-use The Plaza in Coral Gables development here.

The bank has signed a long-term lease for 63,000 square feet and will shift its corporate headquarters operations from 169 Miracle Mile to The Plaza at Coral Gables South Tower at 3011 Ponce de Leon Blvd. in 2022. The firm will occupy the top three floors of the building.

In May, Banco Bradesco S.A announced it had entered into a share purchase agreement to acquire BAC Florida Bank in a deal valued at approximately $500 million.

Newmark Knight Frank vice chairman Patrick Duffy and director Clay Sidner represented BAC Florida Bank in the transaction. Blanca Commercial Real Estate CEO Tere Blanca, vice chairman Danet Linares and EVP Andres Del Corral represented the building owner Agave Holdings.

“BAC Florida’s move to the modern development at The Plaza reflects our commitment to continue to grow and to serve our clients’ needs in a workspace that supports our day-to-day business activities,” states Julio Rojas, CEO of BAC Florida Bank. “The Plaza in Coral Gables is a superb location and we are grateful for the expertise provided by Newmark Knight Frank to secure the space. BAC Florida looks forward to celebrating the 50-year anniversary of our founding in The Plaza.”

The Plaza at Coral Gables will consist of two Class A office towers totaling 447,675 square feet; a 242-room hotel with meeting space; 161,000 square feet of restaurants, entertainment and lifestyle retail and residential townhomes and apartments. The seven-acre community is expected to be delivered in 2021.

Last month, Agave Holdings, LLC secured $100 million in construction financing for The Plaza Coral Gables.

The Plaza represents the largest new construction project in Coral Gables since the city’s inception in the 1900s, according to Newmark Knight Frank.

“The Plaza’s premier location and luxury amenity set were significant factors in BAC Florida Bank’s decision to relocate its Coral Gables headquarters,” says Duffy. “The walkable, mixed-use community fits within our client’s long-term strategy to elevate its workplace environment and attract and retain top talent.”

The Plaza at Coral Gables is the first large mixed-use development in the City of Coral Gables. According to NKF’s Q2 office report, the Coral Gables submarket is strong and active. In the last quarter, two of the largest building transactions occurred in the area, totaling more than $113 million and 308,495 square feet.