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Office building at 2990 Ponce de Leon Boulevard

Office building at 2990 Ponce de Leon Boulevard

When it comes to analyzing the Miami office market, a few areas draw the attention of institutions, investors and CEOs of large companies : Aventura, Brickell, Doral, Kendall, South Miami and Coral Gables, however Coral Gables seems to be immune to the ups and downs of the South Florida real estate market and offers the most stable office market in Miami-Dade. The Coral Gables office market presents a great working environment : fine restaurants and shops, a safe environment, a combination of new and historic office buildings, and proximity to the Miami International Airport.

Office building at 901 Ponce de Leon Boulevard

Office building at 901 Ponce de Leon Boulevard

A few office building sales which were taking place over the past few months are showing that this market continues to attract investors as well as owner-users looking to establish themselves at the center of the Americas. 800 S. Douglas Entrance, a 467, 325 sf office complex located at the entrance of Coral Gables, got recently sold for $101 millions. 901 Ponce de Leon Boulevard, also called “the American Airlines building” as the airline leases 25 % of its space, is a 177,848 sf office building, 96% leased, which sold at the beginning of 2014 for $23.5 millions. The very contemporary looking grey building at 2990 Ponce de Leon Boulevard, which is 128,047 sf, was built in 2012 and 35% leased, hosting First Bank Florida, sold in January 2014 for $25.5 millions.

 

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