Terrabank Inks 40K-SF Lease in Coral Gables

Community bank Terrabank is expanding its headquarters, moving within Coral Gables, Fla., after signing a 40,000-square-foot lease at the One Alhambra Plaza building.

The bank will occupy 37,308 square feet across two floors within the 473,214-square-foot complex at 1 Alhambra Plaza, in addition to operating a 2,692-square-foot retail branch on the ground floor, a spokesperson for the tenant told Commercial Observer. The lease is for 15 years.

The move is expected to be finalized by the end of the month. Terrabank was previously based at 3191 Coral Way, adjacent to Southwest 32nd Avenue, where it occupied 27,068 square feet. 

“As a trusted financial adviser for small to midsize businesses, this move strengthens our domestic presence,” Antonio Uribe, president and CEO of Terrabank, said in a statement. “Establishing our headquarters in Coral Gables, a global business hub at the crossroads of the Americas, allows us to expand our reach.”

Landlord Tourmaline Capital Partners purchased the complex for $76 million out of foreclosure last year when it was 62 percent occupied. The property, built in 1990, includes eight-story and 14-story towers.

Terrabank will be joining Nicklaus Children’s Hospital, which inked a 65,000-square-foot lease at One Alhambra Plaza last year. A representative for Tourmaline Capital Partners did not immediately.

Julia Echikson can be reached at jechikson@commercialobserver.com.