New Ownership Taps Colliers To Reposition Iconic Biltmore Office Tower

As Coral Gables solidifies its status as a leading office destination, benefiting from a surge of high-quality repositioning, sustained tenant demand, and a walkable, amenity-rich environment, Colliers Vice Chair Stephen Rutchik, Vice Presidents Tom Farmer and Ana Paula, and Associate Vice President Jake Freeman will represent the new landlord, Secured Debt Investments, in reintroducing 550 Biltmore Way to the market.

“We’re thrilled to be part of SDI’s transformation of 550 Biltmore, which sits in the heart of our most dynamic submarket, Coral Gables,” said Freeman. “This is about creating more than just upgraded facilities; it’s about restoring a landmark to its rightful place, leaving a lasting impact on the community.” 

550 Biltmore Way has long been one of Coral Gables’ most prestigious Class A office buildings, renowned for its iconic architecture, prime location, and distinguished tenant profile. Just steps from Miracle Mile and minutes from downtown Miami and Miami International Airport, the 163,000-square-foot property offers unmatched accessibility and proximity to top-tier dining, retail, and hospitality.

Under new ownership, a comprehensive repositioning program is now underway, including a redesigned lobby, modernization of all common areas, and the introduction of concierge-style valet service, all with the goal of creating a premier office experience that blends hospitality, efficiency, and design. The renovation will cater to the evolving demands of today’s top-tier office users while reinforcing the building’s historic character and market prominence.

“SDI’s decision to relocate its headquarters to 550 Biltmore Way underscores the firm’s confidence and its long-term vision for the property,” said Rutchik. “By making this historic building its flagship location, ownership is solidifying its presence in Coral Gables and demonstrating a strong commitment to transforming the landmark into a signature office asset.”

Secured Debt Investments is a private equity firm focused on acquiring and repositioning underperforming commercial real estate assets nationwide. Founded in 2009 by Orlando Garcia, the firm offers deep expertise across all facets of the industry, including property management, finance, capital markets, acquisitions, legal, development, sales, and leasing.

“550 Biltmore Way is more than an investment; it’s a landmark asset that deserves to be elevated to best-in-class status,” said Garcia. “We are investing significant capital into transforming the building, modernizing its infrastructure, enhancing the tenant experience, and restoring the architectural integrity that makes it unique. Our vision is to make 550 Biltmore not only one of the premier office buildings in Coral Gables but one of the most desirable corporate addresses in all of South Florida. Relocating our headquarters here is a clear signal of our long-term commitment to that vision.”

As Coral Gables continues to attract investment and tenant interest, the market is witnessing notable migration from more expensive submarkets, such as Brickell and Downtown Miami. Between 2021 and 2025, 47% of tenants relocating to Coral Gables came from Miami’s CBD, a trend that highlights the flight to quality at more competitive pricing.

In the first quarter of 2025, Class A asking rents in Coral Gables reached $58.96 per square foot, reflecting a 5.1% increase year-over-year. Despite this rise, rents remain lower than top-tier rates in Miami’s urban core. With 5.7 million square feet of Class A inventory and a thoughtful pipeline of renovations and construction, Coral Gables offers a walkable, amenity-rich alternative for office users seeking value without compromising quality.

The city showcases strong market fundamentals, as evidenced by a 30.1% increase in rents over the past five years. Tenants are increasingly drawn to Coral Gables for its proximity to executive housing, shorter commute times, and relief from congestion in denser submarkets. A growing amenity base, including acclaimed restaurateurs such as Thomas Keller, Michelle Bernstein, and Michael White, further enhances its appeal, solidifying the area’s status as an elite corporate destination.