Daniella Aragon-Andre
Levy Public Relations

Full Article

The offices of a major mixed-use development in Coral Gables is nearly full after six companies secures spaces within the seven-acre complex.

Plaza Coral Gables North Tower is now 83% occupied after two financial services firms, a major law firm, a producer of aviation maintenance cloud products, a global liquor company, and a multinational hotel company signed leases within the 291,267-square-foot Class A office building.

Five of the six tenants will relocate from office locations within South Florida into the North Tower. They are:

• EisnerAmper: 7,737 square feet. The tenth largest accounting firm in South Florida, according to the Business Journal’s CPA list, EisnerAmper will move from its present office at 1001 Brickell Bay Drive. It was represented by Clay Sidner of Newmark in the lease negotiations.

• Trax USA Corp: 16,159 square feet. A producer of mobile and cloud products for aviation maintenance companies, Trax USA will relocate from an office at 2401 S. Douglas Road. Mitchell Millowitz of Newmark oversaw its lease negotiations.

• Hinshaw & Culbertson LLP: 21,376 square feet. The nationwide law firm will move from its office at 2525 Ponce De Leon Boulevard. Shay Pope, formerly of CBRE and now with Stream Realty, handled the lease negotiations.

• Diageo North America Inc.: 8,620 square feet. A London-based alcoholic beverage company with more than 200 brands, Diageo will relocate from an office at 396 Alhambra Circle in Coral Gables. Adam Bernstein of JL oversaw lease negotiations.

• W.E. Family Offices: 9,034 square feet. A fiduciary firm that serves more than 80 wealthy families in the U.S., Latin America, and Europe. It will relocate from its 701 Brickell Ave. office.

Additionally, multinational hotel company Marriott International (Nasdaq: MAR) will open a brand new 2,106-square-foot satellite office in North Tower. Jason Mayo of CBRE represented Marriott. Tere Blanca, Danet Linares, and Andres del Corral of Blanca Commercial Real Estate, represented the landlord and developer Agave Holdings in the lease negotiations.

Plaza Coral Gables includes 455,008 square feet of office, 165,000 square feet of restaurant and entertainment space, a 242-room hotel, and 170 apartments. The South Tower wing consists of 163,741 square feet of office space. Its notable tenants include Bacardi USA, which will occupy about 100,000 square feet of office once it relocates its regional corporate offices.

The occupancy rate for both towers, following the six North Tower lease deals, is nearly 90%, according to Blanca Commercial Real Estate.

South Florida’s office market has generally prospered since the pandemic as both local and out-of-state companies sought quality office space that will attract clients and employees.

As of the third quarter of 2023, Class A office project asking rents per square foot averaged $58.52 in Miami-Dade County, $45.85 in Broward County, and $45.85 in Palm Beach County, according to preliminary figures from Colliers.

That compared to Class A office space in Coral Gables of $52.06 per square foot in Q3, Colliers stated.