UBS Inks 33K-SF Office Lease Near Miami
Swiss bank is the first tenant at an 84K-SF development in Coral Gables by Constellation Group and the Boschetti Group
By Julia Echikson November 13, 2024 2:01 pm
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Swiss investment bank UBS is leveling up in Coral Gables, a wealthy suburb southeast of Miami, eschewing its older office in favor of new construction.
The bank signed a 33,180-square-foot lease that will take up almost 40 percent of the space at 4225 Ponce, an eight-story office development now under construction, Commercial Observer has learned. The lease term is over 10 years, according to a representative for the development team, a partnership between Constellation Group and the Boschetti Group.
UBS’s new office will span two full floors, where the asking rent was $100 a square foot. The bank is expected to move in after 4225 Ponce’s completion, which is slated for the third quarter of 2025.
UBS, one of the largest private banks in the world, will relocate its wealth advisory division, which is currently housed at 550 Biltmore Way, a 15-story building completed in 1986 that sits about a mile and half north of 4225 Ponce.
The 84,000-square-foot, Class A development at 4225 Ponce de Leon is being built across the street from the Shops at Merrick Park mall. UBS is the development’s first tenant, though discussions are underway for additional leases.
Colliers’ Stephen Rutchik and Kevin Gonzalez represented the developers. Tony Jones of Cushman & Wakefield, who represented the tenant, did not immediately respond to a request for comment.
Last year, the development team, led by Eduardo Otaola and Jose R. Boschetti, secured a $33.3 million construction loan from Banesco’s U.S. division, according to public filings. The year prior, the joint venture paid $10 million for the nearly half-acre site, which housed two single-story commercial buildings.
Other new office construction projects in Coral Gables includes The Plaza, which nabbed Apple as a tenant in a 45,000-square-foot deal earlier this year.
Julia Echikson can be reached at jechikson@commercialobserver.com.
