Plaza Coral Gables lands major commercial deals
Written by Abraham Galvan on September 28th, 2021
Completed in August 2022, Plaza Coral Gables secures major commercial real estate leases while also positioning the city as a sought-after business district.
Plaza Coral Gables will have a positive impact on the quality of life and safety of the community by creating new spaces for dining, recreation and promoting artistic, cultural and outdoor activities, according to developers Agave Holdings.
“We have amazing rental momentum, winning multiple leases with great companies including PNC Bank, ACI Worldwide, Raymond James and HIG Capital,” said Tere Blanca, founder, chairman and CEO of Blanca Commercial Real Estate and director of office space leasing for the project.
“This is a unique opportunity for businesses arriving in Miami-Dade County and existing businesses in the market to acquire prime space in a location that has everything you need to enjoy during the day and after hours She says called. “It is very exciting to see how we go into the next year with solid leasing.”
By the end of the year, around 40% of the office space in the north and south towers of the Plaza will be let and the current rental dynamic is expected to stabilize completely by the fourth quarter of 2022, said Ms. Blanca.
Coral Gables continues to attract new and existing businesses, according to Blanca Commercial Real Estate’s submarket report for the second quarter. The city currently has 17.1% of commercial properties vacant. The average asking price is $ 43.99 per square foot, with 163,700 square feet under construction and 154,436 square feet of direct rental activity.
The largest and most notable rental transaction of the second quarter of this year was carried out by The Plaza Coral Gables, with ACI Worldwide occupying 27,800 square feet, according to Blanca Commercial’s market report.
“The go-to-market activities you read about from alternative investment firms in the financial world that are primarily focused on downtown Brooklyn [NY]“The vast majority of these companies are leasing out here at Coral Gables, which is also seeing great demand from some of the new financial and technology companies to enter,” added Ms. Blanca.
Built by Coastal Construction, the $ 500 million, 7 acre plaza at 2901 Ponce de Leon Blvd. will provide more than 450,000 square feet of LEED (Leadership in Energy and Environmental Design) certified office space; a 242-room Loews Hotel, complete with conference facilities, two ballrooms, and a fitness center; Residential apartments; and 161,000 square feet of retail, grocery, and entertainment space.
The residential building, the Reserve at The Plaza at 122 Sevilla Ave., now houses over 30 families. The fully functional North Tower office building is now the new headquarters of Agave Holdings, along with several other office tenants.
The Plaza Coral Gables towers, the newest and most luxurious exceptional product on the market, have seen exceptional leasing activity at the highest rates the market has ever seen, said Stephen Bittel, founder and chairman of Terranova Corp. and operator of 12 commercial buildings on Miracle Mile, along with two other buildings that are under sale and due to close next month.
“I think if we look ahead, Miami-Dade County is clearly a national outlier as we’ve had so many moves in the finance and tech world that have occupied newer spaces in Brickell, Coconut Grove, and Coral Gables,” said Mr. Bittel said, “And these tenants are from other markets where they are used to paying much more than our highest rents and that has had positive absorption that we would not have seen otherwise and no other market in the country experience it. “.”