Global Commodities Giant Trades Brickell For Coral Gables After 32 Years

Colliers facilitated two office leases totaling 19,893 square feet at 255 Alhambra, a 13-story, Class A office property in downtown Coral Gables.

Sucden, a global leader in soft commodities trading, signed a 10-year, 7,649-square-foot lease to relocate its Latin American headquarters from Brickell. Sucden will occupy Suite 1000, bringing approximately 50 employees to 255 Alhambra with room to grow. The firm had been located at 701 Brickell since 1994.

In addition, Perez-Abreu, Aguerrebere, Sueiro & Torres, P.L. (PAAST) completed a 12,244-square-foot lease renewal and expansion of its headquarters at the building.

Colliers Senior Vice President Kevin Gonzalez and Vice Chair Stephen Rutchik represented the landlord, a partnership of Terranova Corporation, Torose Equities and LNDMRK Development. Tony Puente, broker Associate and senior advisor with Fairchild Partners, represented PAAST. Tony Jones, Executive Vice Chair with Cushman & Wakefield, represented Sucden.

Headquartered in Paris, Sucden is an independent, global market leader in soft commodities trading that sources, processes and delivers agricultural products, including sugar, cocoa, coffee, ethanol, grains and oilseeds, worldwide. The firm started as a sugar broker and has offices around the world, including London and Hong Kong. Sucden Americas, based in Miami, trades sugar throughout the Americas and manages a network of subsidiaries in key origins and destinations.

Sucden’s relocation reflects a growing number of companies moving from Brickell to Coral Gables as rising rents and congestion lead tenants to seek alternatives.

PAAST’s lease renewal and expansion, executed in August, adds capacity at the firm’s headquarters at 255 Alhambra. Founded in 1999, PAAST is a South Florida-based audit, accounting, tax and management consulting firm serving both domestic and international clients. The decision to renew and expand will support its continued growth while reinforcing its longstanding commitment to Coral Gables.

“These deals are a prime example of the larger corporate migration to Coral Gables, which is increasingly seen as a dynamic alternative to Brickell,” said Gonzalez. “Nearly 20,000 square feet of leasing at 255 Alhambra in just two months, with a total transaction value of more than $15 million, validates the submarket’s ability to attract and retain major firms. Tenants are consistently drawn to the building’s contemporary design and light-filled spaces, which complement the city’s vibrant, pedestrian-friendly atmosphere.”

 

“We’ve tracked more than 620,000 square feet of tenants who have moved from Miami’s CBD to Coral Gables, and the trend continues to accelerate with few quality options left in the market,” added Gonzalez. “The result has been a 25% increase in rents in the last 12 months.”

Located in the heart of Coral Gables, 255 Alhambra offers tenants a premier business address within one of South Florida’s most desirable office markets. The institutionally owned and professionally managed property combines a modern office environment with exceptional amenities, including floor-to-ceiling windows, a renovated lobby, on-site banking and retail services, and convenient walkability to Coral Gables’ renowned dining, hospitality and business destinations. Its central location and amenity-rich setting continue to attract leading professional services firms and corporate users seeking a best-in-class workplace experience.

The Coral Gables office market experienced a dramatic year-over-year turnaround in the third quarter of 2026, driven by nearly 100,000 square feet of positive absorption that pushed vacancy rates down to 10.1% from 11.8% a year ago. The submarket’s growth stems largely from its appeal to tenants seeking premium commercial space at more competitive rates than neighboring submarkets like Brickell. Consequently, overall asking rents jumped 5.9% year-over-year to $68.74 per square foot full service gross (FSG), while prime Class A rates reached $76.17.

With minimal new inventory entering the pipeline in recent years, tight supply has bolstered landlord pricing power amid a steady influx of global firms. Property owners are aggressively capitalizing on this momentum by repositioning top-tier assets through extensive capital improvements and rebranding initiatives to support higher rental rates.