New Ownership, Leasing Team Bring Coral Gables Office Building To 95% Leased

BEA Equities and Gildenson Real Estate purchased 2990 Ponce in March 2022.

The Class A property had languished, showing no leasing activity for three years prior. The real estate investors hired Colliers Senior Managing Director Kevin Gonzalez and Director Jake Freeman, who negotiated six new leases and one renewal, bringing the asset to 95% leased within three months.

Among the executed deals totaling more than 45,000 square feet; Renuity, an industry-leading home improvement company, has taken 21,806 square feet, and law firm Heisse Suarez Melville joins the stellar roster at the building with 7,865 square feet. Frozen cocktail bar and restaurant Fat Tuesday will also be entering the building with 4,705 square feet, and private real estate investment and development firm, Mas Investment Group, has renewed its lease for 6,165 square feet.

“As Coral Gables evolves into one of Miami’s most desirable urban neighborhoods, this was an excellent opportunity to reactivate a unique office building with high-quality space that offers companies the environment to elevate their brand and presence,” said Gonzalez.

Managed by AJP Ventures, 2990 Ponce is a modern, six-story Class A office building in the heart of the Coral Gables business district. The contemporary property features a rooftop lounge and terrace with panoramic views of Coral Gables while surrounded by lush landscaping featuring a glass pavilion for casual and professional meetings. The boutique building offers excellent proximity to high-end retail, restaurants, and hotels.

“We saw an opportunity to reposition 2990 Ponce in the marketplace as Coral Gables continues to see an influx of tenants seeking an amenitized atmosphere in a central location,” said Benjamin Assa Cojab of BEA Equities.

The recovery of the Coral Gables office market is gaining momentum in 2022 as vacancy rates drop to 13.1% in the second quarter, down by 30 basis points year-over-year. The affluent submarket is desirable to professional services such as Bermello Ajamil & Partners and Kimley-Horn, who also signed new leases this year for 24,000 square feet and 23,600 square feet, respectively.