Cushman & Wakefield announced today that is has been named leasing agent for 901 Ponce, a 108,858-square-foot office building in Coral Gables.
Director Gordon Messinger will lease the office tower, which was acquired by Altis Cardinal in August 2014.
The 10-story office tower was built in 1986 at 901 Ponce de Leon Boulevard in the Coral Gables business district. The building currently has 20,579 square feet available for lease, including an 11,350-square-foot penthouse suite with spectacular 360-degree views and balconies. 901 Ponce provides on-site ownership and management, flexible floor plans with contemporary build-out options, and a multi-level parking garage with ample guest spaces. The building features the highest parking ratio in Coral Gables at four spaces per 1,000 rentable square feet.
Altis Cardinal has committed to a $3 million capital improvement plan that will reposition 901 Ponce as a Class A asset. These improvements include a new roof, new chillers, new air handlers, and a resurfaced parking lot. Renovations to the building lobby, common areas and bathrooms are underway.
“901 Ponce represents an incredible opportunity for companies to be in a Class A office building with the best parking ratio in the Coral Gables business district,” said Messinger. “The Coral Gables submarket remains one of the region’s most sought after locations. It has the lowest vacancy rate among major Miami-Dade submarkets and is second only to the Airport West submarket in terms of leasing activity.”
901 Ponce is centrally located on the Coral Gables Trolley rout, providing excellent access to local amenities as well as Miami International Airport, downtown Miami, and the Dolphin Expressway.
Major tenants in the building include American Airlines, Devry University’s Caribbean and South American operations headquarters, and Stantec, an international design and consulting firm specializing in infrastructure and facilities.
According to Cushman & Wakefield research, the Miami-Dade office market boasts positive market fundamentals across the board. Job growth, unemployment, vacancy, absorption, new construction and rents are all trending in the right direction.
“The office market in Miami-Dade ended 2015 on solid footing and strong fundamentals. Continued growth in jobs and increased international trade will further benefit the region with indications that positive momentum will remain in place for the next 12-months,” wrote Florida Research Manager Chris Owen in the firm’s 4Q 2015 Miami Office MarketBeat Report. “Cushman & Wakefield anticipates further improvement in rental and vacancy rates in core submarkets as well as outlying areas. Buoyed by new space and tenants relocations, the potential for higher levels of leasing activity and absorption is forecasted to increase in 2016.”
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