City National Bank of Florida Sells Former HQ in Coral Gables After Moving Out

After moving across the street earlier this year, City National Bank of Florida has sold its former headquarters in Coral Gables, Fla., for $39 million, property records show.

Nonprofit hospital operator Baptist Health South Florida purchased the four-story office building at 2855 South Le Jeune Road, two blocks west of Ponce Circle Park, between Sevilla and Palermo avenues. The 121,418-square-foot building was built in 2007 on a 0.7-acre site. 

Last year, the bank signed a 144,878-square-foot lease to relocate at 2701 South Le Jeune Road to bring its workforce, which is based in Miami-Dade County, under one roof. Earlier this year, the tenant moved into the 15-story property, which is owned by Zara’s billionaire founder Amancio Ortega. 

At its former headquarters, City National Bank of Florida first owned the ground-floor space before buying the top-floor office condos for $10 million in 2017, the South Florida Business Journal reported.  

It’s unclear how Baptist Health South Florida, one of the largest health networks in the region, plans to use the building. It operates a corporate office at 6855 Red Road, near South Miami. 

Coral Gables, a wealthy suburb next to Miami, has seen an uptick in office sales in recent months. In July, insurance giant PGIM sold a 717,805-square-foot asset for nearly $100 million. In January, Deutsche Bank offloaded 3-acre property for nearly $120 million. 

A spokesperson for City National Bank of Florida declined to comment. A representative for Baptist Health South Florida did not immediately respond to a request for comment.

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