Two new tenants have signed leases at The Alhambra, a 14-story, Class A office tower interconnected with the Hyatt Hotel and located in the heart of Coral Gables. Private trust and investment firm Fiduciary Trust International of the South, a division of Franklin Templeton Investments, has signed a lease for 12,500 square feet at 2 Alhambra Plaza. In an effort to accommodate its continued growth, the firm will relocate from its current location at 200 Biscayne Boulevard in Miami’s Central Business District in mid-2015. Pipeline Workspaces, a national high-design shared office space concept, has also signed a lease for 14,000 square feet at 95 Merrick Way, part of The Alhambra property. With the addition of these two tenants, occupancy at The Alhambra now stands at 85%, up from 52% only 18 months ago.
CBRE represented the landlord, an affiliate of USAA Real Estate Company, the largest owners of Class A office space in Coral Gables, in the lease transactions. Miami-based Blanca Commercial Real Estate agents Alison Pages, Hank Klein and Alexander Cahlin represented Fiduciary Trust.
The Coral Gables office submarket continues to lead the way in terms of office market absorption, according to statistics by CBRE. Tenants took down approximately 195,000 square feet of office space in Coral Gables during the first three quarters of 2014, more than any other submarket by a wide margin.
“As traffic congestion and construction projects in the CBD continue, we have more businesses, like Fiduciary Trust, relocating from the Central Business District to Coral Gables for the amenities and close proximity to residential communities,” said CBRE’s Maggie Guajardo Kurtz.
Beacon Health Strategies, a new-to-submarket multinational behavioral health organization, signed the largest new lease so far this year in Coral Gables, occupying 17,217 square feet at The Alhambra.
“Leasing professionals attribute Coral Gables’ strong performance this year to a number of factors, including a tightening of quality Class A space in urban submarkets as well as desirable amenities, such as quality restaurants, upscale shopping and higher covered parking ratios,” stated Diana Parker, Senior Vice President of CBRE.
Ms. Parker and Ms. Kurtz handle the leasing for over 1 million square feet of Class A office space owned by USAA Realco affiliates in Miami-Dade County.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides coinvestment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.