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2222 Ponce De Leon BLVD, Mi...

Heidi Eckes-Chantre, Kim Tabet And Christopher Brown Lease 34000 Sq Ft At 2222 Ponce De Leon Blvd
LEASEDOffice

Heidi Eckes-Chantre, Kim Tabet And Christopher Brown Lease 34000 Sq Ft At 2222 Ponce De Leon Blvd

2222 Ponce De Leon BLVD, Miami, FL...

Building Size

34,000 SF

Asset Type

Office

Closing

Nov 20, 2023

AI

A 34,000 square feet lease has been finalized at 2222 Ponce De Leon Boulevard in Coral Gables, Florida. This property is part of Giralda Place, a mixed-use project currently under construction that will feature both office and retail space. The location is positioned in a pivotal area of downtown Coral Gables and includes amenities tailored for co-working, such as private offices, conference rooms, and community spaces.

Summary of transaction details:

  • Property Type: Lease
  • Transaction Amount: Not specified
  • Address: 2222 Ponce De Leon BLVD, Miami, FL
  • Market: Coral Gables
  • Landlord: Heidi Eckes-Chantre, Kim Tabet, and Christopher Brown
  • Landlord's Representative: Gordon Messinger (CBRE)
  • Tenant: WeWork
  • Square Feet: 34,000

This deal represents a significant step for WeWork as it will occupy the first floor and floors 3 to 7 of the eastern office tower. The developers, Heidi Eckes-Chantre, Kim Tabet, and Christopher Brown, have implemented a design that integrates office space with retail components, enhancing the overall utility of the building within the community. WeWork is expected to provide spaces for up to 550 members, catering to a growing demand for flexible office solutions in the area.

Players

Gordon Messinger

CBRE

Broker

$164M

vol

33 deals

Broker

Coral Gables Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93