Coral Gables Landmark Office Building Trades

Mercantil Commercebank, one of the largest banks headquartered in Florida, announced that its wholly-owned subsidiary, 220 Alhambra Properties LLC, purchased the 220 Alhambra building, which the bank has occupied as its headquarters for almost 17 years.
The 310,645-square-foot property, which includes 175,000 square feet of rentable space and indoor parking for over 400 cars, sold for $75 million.
The landmark class ‘A’ office building was built in 1997 and is located at the intersection of Ponce de Leon Boulevard and Alhambra Circle, one of the most attractive commercial locations in Downtown Coral Gables.
The bank presently occupies approximately 44% of the building and plans to lease the space it will not need for its continued growth.
 

“The purchase of this building, which has served as our base for many years, is an affirmation of our commitment to South Florida,” said Millar Wilson, Vice-Chairman and CEO of Mercantil Commercebank. “As we celebrate the 35th anniversary of serving our diverse client base and multicultural community, it is fitting that we make this investment in Coral Gables, a city that is headquarters to more than 140 multinational corporations and has been our home for almost 30 years.”

 
Source: CityBiz

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