TA Realty Buys Class A Office Building For $410 PSF

Jun 18, 2019 No Comments by

Updated 05.24.19

Avison Young has been named the exclusive leasing, property management, and project management firm for TA Realty’s newly-acquired 146,202-square-foot, multi-tenant, class A office building at 2800 Ponce de Leon Blvd. in Coral Gables.

TA Realty purchased the 15-story asset, currently known as the Regions Bank Building, from Regions Bank for $59,750,000, or just shy of $410 per square feet. The deal closed June 10.

Avison Young Principal and Miami Managing Director Donna Abood, Vice President Joe Abood, and Associate Peyton Dowd will spearhead leasing at 2800 Ponce de Leon Blvd. Avison Young Principal Michael Vullis will lead property management, and Senior Vice President Eric Swanson will lead project management during plans to rebrand and reposition the asset with a name change and significant capital improvements to further establish it as a premier office building in the highly sought-after Coral Gables Central Business District (CBD).

The CBRE Capital Markets team represented the seller, Regions Bank. Vice Chairman Christian Lee and Executive Vice President José Lobón oversaw the transaction

 

“Coral Gables continues to see robust office activity as shown by a decreasing vacancy rate and positive absorption comparable to Brickell in Miami’s urban core,” said Donna Abood. “Investors and tenants alike are increasingly eyeing Coral Gables, especially opportunities along Ponce de Leon Boulevard near Ponce Circle Park which has become the new main and main of the submarket’s CBD.”

According to research by Avison Young, the overall vacancy rate in Coral Gables as of first quarter 2019 was at 8.74 percent, down from the previous quarter’s 10.23 percent. The city has been the only large office submarket, and one of only a few overall, in Miami-Dade County to maintain consistent positive absorption for consecutive quarters since fourth quarter 2014.

 

“As 2800 Ponce continues to attract and retain tenants, we look forward to working with new ownership on various projects to revitalize the building and activate currently underutilized attributes such as its lobby and common areas, rooftop terrace, and on-site restaurant and café,” said Swanson.

2800 Ponce de Leon Blvd. is centrally located near several restaurants, banks, retail destinations, and entertainment options and will benefit from the increased interest and investment in the immediate area. The building’s six-story parking garage offers a parking ratio of 3.5 spaces per 1,000 rentable square feet, one of the highest ratios in the Coral Gables CBD.

 

 

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Industry News, Miami-Dade County Office, NA, Office
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