Two Financial Firms Sign Office Leases in Coral Gables
By Jeff Ostrowski January 26, 2023 5:09 pm
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Illustrating the continued demand for South Florida office space, two financial firms signed Class A leases in Coral Gables, Newmark (NMRK) announced Thursday.
In one deal, Balanz USA signed a long-term, 8,001-square-foot lease to occupy the seventh floor of The Plaza Coral Gables’ North Tower at 2811 Ponce de Leon Boulevard. The space will serve as the first U.S. office for Balanz, an Argentine financial firm.
In another deal, private equity firm Finanz Butik Management signed a 13-year, 5,975-square-foot sublease from Bradesco, formerly BAC Florida Bank, to occupy a portion of the 14th floor of The Plaza’s South Tower.
Newmark’s Clay Sidner and Jeremy Hakala represented the tenants.
“These transactions represent a notable milestone as the tenants expand their South Florida presence in Class A office spaces,” Sidner said in a statement.
According to Newmark Research, South Florida’s office market experienced 3.3 million square feet of leasing activity across 1,063 transactions in the third quarter of 2022.
The leases reflect continued demand for South Florida office space, even as many white-collar workers have shifted to remote work. The region is seeing an influx of new office tenants that’s offsetting the downsizing by existing office users, said Tere Blanca, chairwoman and CEO of Miami-based Blanca Commercial Real Estate.
“Whatever contraction we might see is mitigated by the new absorption being created by the new arrivals,” Blanca told Commercial Observer. “Whatever is available is getting leased, oftentimes by companies that are new to the area.”
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
