Largest Coral Gables Office Lease Transaction of 2010 Signed
10 Jun, 2010, Miami
Cushman & Wakefield announced today that Deka Immobilien Investment GmbH, owner of the BAC Colonnade office building in Coral Gables, has signed an early renewal with BAC Florida Bank for its Global Headquarters. It is the largest office lease transaction in Coral Gables year-to-date.
In a 12-year deal, BAC Florida Bank will continue to occupy 40,857 square feet in the BAC Colonnade, which includes the entire seventh and eighth floors, as well as a portion of the ground floor, which operates as a full-service bank branch. The 11-story building is located in the heart of Coral Gables, at the prime intersection of Ponce de Leon Boulevard and Miracle Mile.
Cushman & Wakefield brokerage professionals Maggie Kurtz and Diana Parker are the exclusive leasing agents for the BAC Colonnade. Along with Charles Kemp, senior vice president of ING Clarion Partners, they represented Deka Immobilien in lease negotiations with BAC Florida Bank. BAC Florida Bank was represented by Jon Bourbeau of Newmark Knight Frank.
"Since acquiring the building in 2008, ownership has made a concentrated effort to be hands-on with the property and its tenants," said Ms. Kurtz, a director at Cushman & Wakefield. "This transaction demonstrates how sophisticated landlords are approaching quality tenants in our market to create a 'win-win' for all involved."
"The BAC Colonnade's central location, high-end amenities and ownership's commitment to maintain the property as a first-class office building, continues to make it the ideal site for BAC Florida Bank's global headquarters," said Ms. Parker, a director at Cushman & Wakefield.
"This transaction allowed for the bank to achieve its short and long-term business objectives where they have operated successfully for years," said Mr. Bourbeau. "The bank is pleased to continue its tenancy and continued presence in Downtown Coral Gables."
The BAC Colonnade offers immediate access to Coral Gables transportation, and is a 10-minute drive from Miami International Airport. The building has abundant parking, as well as two city garages within a block radius. A 4-star Westin Hotel is located on-site, along with three top restaurants, Morton's Steakhouse, Le Boudoir, and opening in June, Normans 180.
Built in 1989, the BAC Colonnade is a class-A office building totaling 205,000 square feet. The property is 94 percent leased, with additional office tenants including Chevron Caribbean, SB Architects and Regus Executive Center.
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