Colliers Arranges 21,000 SF Office Lease At 550 Biltmore 

Updated June 25, 2026

Colliers announced the completion of a 21,335-square-foot office lease at 550 Biltmore Way in Coral Gables.

Colliers’ Vice President Jake Freeman and Senior Vice President Maggie Kurtz represented the landlord, Secured Debt Investments (SDI), in securing the lease with International Workplace Group (IWG), a leading global provider of flexible workspace solutions, which was represented by William Propst, Iker Belauste and Ryan Levy of JLL

The transaction marks a significant milestone in the repositioning of the property and reflects continued demand for upgraded, amenitized office environments in Coral Gables.

“This lease highlights the continued momentum at 550 Biltmore and the strong interest we’re seeing from tenants seeking upgraded, well-located office environments in Coral Gables,” said Freeman. “The property’s enhancements are attracting premier tenants while reinforcing the area’s position as a leading business destination.”

550 Biltmore is undergoing a comprehensive renovation program designed to elevate the tenant experience and reposition the building as one of the premier Class A offerings in the market. Improvements include a redesigned lobby scheduled for delivery in September 2026, upgraded common corridors and restrooms, and a tenant amenity center featuring a lounge and conference facilities. Additional enhancements include a new HVAC system, modernized elevators, valet service, a building chauffeur, and the addition of Nono’s Café, creating a hospitality-driven office environment.

IWG’s expansion further underscores sustained demand for flexible workspace in Coral Gables, where the company’s existing locations operate at high occupancy levels, driving continued growth. The lease also reflects broader leasing momentum in the submarket, including nearby activity such as Industrious securing a full-floor lease, reinforcing Coral Gables’ position as a premier office destination.

“Welcoming IWG to 550 Biltmore is an important milestone in the property’s ongoing transformation,” said Orlando Garcia, Founder and Managing Partner of Secured Debt Investments. “Our investment strategy has been focused on creating a workplace experience that blends hospitality-inspired service, modern amenities, and a premier Coral Gables location. The continued leasing momentum at 550 Biltmore validates our vision for the property and reflects the demand for thoughtfully upgraded office environments in Coral Gables.”

550 Biltmore Way is one of Coral Gables’ most prestigious Class A office buildings, known for its iconic architecture, prime location, and distinguished tenant roster. Located just steps from Miracle Mile and minutes from downtown Miami and Miami International Airport, the 175,263-square-foot property offers unmatched accessibility and proximity to top-tier dining, retail, and hospitality.

Leasing momentum at 550 Biltmore has remained strong over the past 12 months, with several additional transactions completed, including a 5,120-square-foot lease with Salomon Puyana, 1,578 square feet with Strategic Real Estate Partners, and 774 square feet with Star Fund LLC. The property is also currently in active lease negotiations with multiple users totaling more than 25,000 square feet, further underscoring sustained demand for the asset.

The Coral Gables Class A office market demonstrated continued resilience in Q1 2026, with vacancy rates tightening to 16.7%. The market successfully accommodated approximately 85,000 square feet of newly delivered premier inventory, with occupancy gains driven by a steady wave of tenant move-ins and strategic space consolidations. This sustained demand highlights the submarket’s ability to absorb new supply while maintaining strong fundamentals, with Coral Gables remaining one of the most active and desirable office markets in South Florida.

This robust tenant demand continues to fuel aggressive rent growth, with Class A asking rates surging 12.0% year-over-year and 3.7% sequentially to reach $68.20 per square foot (Full Service Gross). To sustain this pricing power and justify premium rates, institutional landlords are actively reinvesting in the market, executing high-end capital upgrades, and rebranding signature assets to meet the evolving standards of modern occupiers.