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396 Alhambra in Coral Gables, Fl. approaches 50 percent occupancy with two new leases
396 Alhambra Circle, Coral Gables' new Class-A dual office towers, signs Ecuador’s Banco Pichincha and Gables Estates Tax & Advisory Services for total of 10,030 SF, joining growing roster of international tenants, including HBO Latin America.
Gables Estates Tax & Advisory Services, P.A., an international accounting and business consultancy, also signed a lease for 1,080 square feet on the second floor of the project’s seven-story South Tower, which opened in August 2011. The firm is scheduled to move April 1. The leases together come to 10,030 square feet.
The Ecuadorean bank will move its agency office from its current location on the 26th floor of 1111 Brickell Avenue to the 14th floor of the 15-story North Tower, scheduled for completion this spring. Financial terms were not disclosed.
“Our firm carefully considered the best buildings throughout the downtown, Brickell and Coral Gables markets,” said Evan Acosta, General Manager of Banco Pichincha’s Miami agency. “We were specifically drawn to 396 Alhambra because the floor plan ideally meets our business needs. The floor-to-ceiling glass windows provide for the kind of light and views that are perfectly suited for working together with our clients. The location in downtown Coral Gables will be an ideal spot for our international clients, with its proximity to the Miami International Airport, amenities and friendly atmosphere for international visitors.”
Eddie Avila, principal of 396 Alhambra LLC, the developer, said: "We are very fortunate to have built Coral Gables’ only new Class-A office building in the current cycle, and to have leased just under 50 percent of the available space to such discriminating tenants as Banco Pichincha and Gables Estates.”
Danet Linares, David M. Valdez and Andres del Corral of Blanca Commercial Real Estate, Inc. represented 396 Alhambra as the designated owners’ representatives. and Tom Capocefalo, Chris Harak and John Esposito from Studley Inc. represented Banco Pichincha. Gables Estates did not have a tenant’s agent.
“We are starting to see great results as reflected in the leasing activity that has taken place these past 12 months,” said David Valdez of the Blanca Commercial Real Estate team that has represented the project since late 2010. “Neither Miami nor Coral Gables has ever been much of a ‘pre-leasing market’ as tenants usually wait to see the finished project before selecting against others to move into a new building. With our recent results in the leasing effort, I don't think that's true anymore, and our tenants have been rewarded for taking the risk to lease space early. We still have some of the best space available."
In late December 2011, HBO Latin America, the multinational entertainment company, signed a lease to occupy approximately 66,203 rentable square feet, or three full floors, in the North Tower and two adjoining full floors in the South Tower. The HBO lease at 396 Alhambra was the largest lease signed in Coral Gables in 2011.
In addition to HBO Latin America, Banco Pichincha will join Citibank, and the law offices of Richman Greer, which signed a lease for a full floor in the North Tower in December. In the South Tower, Gables Estates Tax Advisory Services will join RTKL, the international architecture firm, and Terra Networks, a Spanish-based multinational Internet company, among other tenants.
The North Tower has attained LEED Gold pre-certification by the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) Green Building Rating System. The South Tower is designed to achieve LEED Silver.
In August 2011, 396 Alhambra delivered the project’s first phase, the seven-story, 87,000-square-
Designed by Coral Gables architect John Fullerton and built by Balfour Beatty construction, 396 Alhambra is notable for its Spanish-influenced architecture and top-grade amenities and materials, including marble from the original quarry for the Alhambra palace in Spain. The project is also notable for its sustainable design and construction. It is 14 percent more energy-efficient and 40 percent more water-efficient than a standard new office building. It includes a stormwater conservation and recycling system, use of recycled content in construction materials, a refrigeration system that limits gases which can contribute to ozone depletion and global warming, and green pest control and cleaning methods.
For leasing information, visit www.396alhambra.com and contact David M. Valdez, Danet Linares or Andres del Corral of Blanca Commercial Real Estate at 305-577-8850. (For more information on the tenants, developer and brokers, please see below.)
About Banco Pichincha
Banco Pichincha is Ecuador’s largest private bank by capitalization and by number of depositors. It has $4.5 billion in assets and $4 billion in Peru, Spain and Panama, in addition to its agency in Miami.
About Gables Estates Tax & Advisory Consultants
Gables Estates Tax & Advisory Consultants is a network of professional firms providing business advisory, tax planning, accounting and human resource services, with clients throughout North America, Latin America and Europe. Learn more at http://gecpas.com/
About 396 Alhambra
Developed by 396 Alhambra LLC in a joint venture with Agave Florida Investments LLC and Alhambra Investors LLC, 396 Alhambra is a $140-million, 273,000-square foot Class-A office and retail development in the heart of Coral Gables’ business district. The 15-story North Tower is pre-certified LEED Gold, and the seven-story South Tower is designed to achieve LEED Silver. Designed by Coral Gables architecture firm The Fullerton Group and built by Balfour Beatty, 396 Alhambra offers panoramic views and floor plates from 8,950 to 31,000 square feet. Amenities include an eight-story, 884-space parking garage, valet parking, concierge service, 24-hour security with card-key access, an on-site Citibank branch, and a landscaped outdoor terrace and courtyard. Agave Holdings owns and operates more than three million square feet of institutional-
About Blanca Commercial Real Estate
Blanca Commercial Real Estate provides brokerage and advisory services to owners and users of commercial real estate with personalized and experienced counsel at every step of the transaction. For more information, please visit www.blancacre.com.
About Studley Inc.
Studley is the leading commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, with 22 offices nationwide and an international presence through its London office and AOS Studley, a partnership with Paris-based AOS, Studley provides strategic real estate solutions to top-tier corporations, not-for-profit organizations and law firms. Information about Studley is available at www.studley.com.
Mark Sell, Ray Casas
Wragg & Casas Public Relations