Office portion of 55 Miracle Mile in Gables reported fully leased

Coral Gables’ 55 Miracle Mile, a 65,242-square-foot Class A mixed-use development, has announced that the office portion of the project is fully leased with three leases executed in July.

The property, located on the north block of trendy Miracle Mile between Galiano Street and SW 37th Avenue, also features Class A retail space and an attached parking garage.

Most of the leases were renewals and all were expansions, reflecting both the ownership’s commitment to accommodating existing tenants and to continually improving the asset with recent renovations and upgrades to the interior, exterior and garage.

The tenants acknowledged the value of the building’s outstanding location in a highly desired area with a mix of residential, shopping, dining and service-based stores. The office leases were with All Inclusive Collection LLC, Maltzman & Partners, and Richards Goldstein LLP.

The owner and landlord, CGI Merchant Group, was represented in the office leasing by Stephen Rutchik, executive vice president of Colliers International South Florida.

“Our team’s leasing and retention efforts show our commitment to being flexible with our tenants and finding the right solutions to help them adjust to growth or changes in their business,” said Raoul Thomas, CEO of CGI Merchant Group.

“Our team took over the leasing four months ago, and we were able to bring the vacancy rate down to zero as a result of the three most recent leases which represent approximately 20 percent of the office space,” Rutchik said. “The mix of retailers and office tenants, coupled with the upcoming improvements to Miracle Mile, has made this an even more desirable building.”

Existing tenants include HSBC Bank, Tarpon Bend and Cibo Wine Bar.

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