Leases  ·  Office

PGIM Sells Coral Gables Office Tower for $90M


Princeton International Properties paid $90 million for an office tower in Coral Gables, Fla., property records show.

The 16-story building, completed in 2001, offers 222,757 square feet of office space, of which about 85 percent is leased, Eric Englander, Princeton’s vice president of asset management, told Commercial Observer. 

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Located at 355 Alhambra Circle, the 498,294-square-foot building’s first seven stories house a parking garage with the remaining space serving as offices. Princeton did not take out debt to close the acquisition, Englander said. 

The New York-based investor plans to make improvements to the common areas and introduce an amenity package to maintain the building’s status as a Class A property. 

The sale is the second in recent weeks on Alhambra Circle, a main road in the wealthy Miami suburb of Coral Gables. In late August, a joint venture among local investors and developers, Lndmrk Development, Terranova and Torose Equities, paid $54 million for an aging, 13-story property at 255 Alhambra Circle

The seller of the tower at 355 Alhambra, PGIM Real Estate, acquired the property for $83 million in 2015. Cushman & Wakefield’s Mike Davis, Dominic Montazemi, Miguel Alcivar, Rick Brugge and Rick Colon represented PGIM, the asset management arm of Prudential Financial. The team had assistance from C&W’s office leasing team, which is composed of Ryan Holtzman, Brian Gale, Jordan Spitzberg, Chloe Strada and Ryan Jenkins

In South Florida, New Jersey-based PGIM has been offloading some of its properties, selling two multifamily complexes for a combined $149 million to Greystar in July. 

Julia Echikson can be reached at