With this acquisition, the City now controls the entire block, giving it the flexibility to plan for future growth and to maximize the site’s utility for Coral Gables residents.
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Following a multimillion-dollar enhancement, the property is being reintroduced to the market.
Colliers’ Tom Farmer, Stephen Rutchik, and Ana Paula represented ownership in the lease negotiations. Tony Jones with Cushman & Wakefield represented the tenant.
The seven-story, 126,000-square-foot development is purpose-built for family offices, private equity firms, hedge funds and other high-net-worth organizations that require discretion without sacrificing connectivity.
A prominent 21-story office tower in downtown Fort Lauderdale has changed hands, with its new owner planning extensive upgrades to reposition the property in an increasingly competitive office market. The acquisition adds to a growing portfolio of South Florida investments.
The lease renewal and expansion totals 27,879 square feet.
The 286,890-square-foot office property also secured $82.1 million in buyer financing from City National Bank of Florida.
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The office building portfolio totals 354,376 square feet across 23.1 acres.