Coral Gables Tenant Expands To 22,000 SF

Chopard, a Swiss-based luxury watch, jewelry and accessories company, will expand its Coral Gables office as well as hire and train technicians to repair and manufacture watches and jewelry in its new offices, the firm that brokered the deal says.
Chopard Marking Services, which manages the company’s operations in the Caribbean and Latin America, purchased approximately 22,000 square feet, two floors, in an office condominium at 75 Valencia in Coral Gables, said broker Scott Sime of Sime Realty, who was involved in the transaction. The company currently leases just under 5,000 square feet in the same building, he said.
“I believe [watch and jewelry manufacturing is] a lost art that’s becoming scarce,” Mr. Sime said.
Financial terms of the transaction were not released, although published lease rates range from $23.00 to $25.00 per square foot, according to FloridaCIE data.
In December, Chopard won approval for economic development incentives from the state and Miami-Dade County. In its application, Chopard proposed a $1.7 million capital investment for its regional headquarters, which would create 30 new jobs with an estimated annual wage of $50,000. At the time of the application, the office had 14 employees.
The company applied for $90,000 in Qualified Target Industry incentives, out of which 80% is to be provided by the state and 20% by the county, to be paid over six years beginning in fiscal 2013-2014. In its application, Chopard also announced its plans to expand by 22,000 square feet to expand its Latin American operations and create a state-of-the-art service and training center for the Western Hemisphere.
Source:  Miami Today