Investment Firm Expands In Coral Gables
Newmark announced a 9,568-square-foot lease extension and expansion for investment advisory group Snowden Lane Partners at Columbus Center, located at 1 Alhambra Plaza in Coral Gables.
Snowden Lane initially opened their Coral Gables office in 2019 and has since then experienced growth, creating a need for additional space. Newmark’s Managing Director Clay Sidner represented the tenant in the transaction.
“This lease extension and expansion for Snowden Lane was a strategic choice for the firm as they look to continue to grow in the South Florida Market,” said Sidner. “The property is currently undergoing modernization upgrades and renovations that make it a top choice for businesses and will serve the needs of the tenants for years to come.”
Snowden Lane is a nationally branded, open-architecture, hybrid registered investment advisor and broker-dealer that provides wealth advisory services to high net-worth individuals, families, and institutional clients. Many deciding factors led to why Snowden Lane ultimately elected to extend and expand its footprint within the building, such as quality of building and ownership, location, and attractiveness of future upgrades that are currently underway. Snowden Lane’s space renewal almost doubled its footprint from 5,000 square feet to 9,568 square feet.
“This lease extension is a direct result of our current success and a strong demonstration of our commitment to Miami and the South Florida Market, said Richard Ganter, Regional Managing Director of Snowden Lane Partners. “South Florida has become a destination of choice for financial services firms, so we wanted to make sure our offices represent the city’s culture and diversity. Our partners at Newmark did a terrific job, and we’ve started the search for our second South Florida office.”
According to Newmark Research, leasing activity continued to climb upward, asking rents in South Florida continued to hold firm, with the overall average rent inching upward from the previous quarter and 6.6% higher than the rate recorded one year ago. The severity of the impact on the market from the Covid-19 pandemic should be lessened as Florida’s economy has been aided by population growth and an influx of companies looking to take advantage of the state’s business-friendly benefits and tax policies.
Columbus Center is a 261,867-square-foot, 14-story Class-A office building owned by Patrinely Group and USAA Real Estate. The property features a shared tenant garden terrace on the 6th Floor, a new state-of-the-art gym, multiple conference facilities, on-site management, car wash service, and on-site food amenities, including Micocos and Bay 13 Brewery and Kitchen. The property sits right across from the Hyatt Hotel and is accessible by bus and metro line.
CBRE’s Senior Vice President Maggie Kurtz and Vice President Kevin Gonzalez represented the landlord in the transaction.
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