9:36 AM
Newmark announced today it brokered a 63,000-square-foot headquarters relocation deal for BAC Florida Bank in Coral Gables, Florida’s business district. BAC Florida Bank signed a long-term lease at The Plaza in Coral Gables, an upscale mixed-use development currently under construction. Beginning in 2022, the company will occupy the top three floors of the project’s South Tower.
Newmark Vice Chairman Patrick Duffy and Director Clay Sidner represented BAC Florida Bank in the transaction. Blanca Commercial Real Estate CEO Tere Blanca, Vice Chairman Danet Linares and Executive Vice President Andres Del Corral represented the landlord, Agave Holdings.
“BAC Florida’s move to the modern development at The Plaza reflects our commitment to continue to grow and to serve our clients’ needs in a workspace that supports our day-to-day business activities,” stated Julio Rojas, Chief Executive Officer of BAC Florida Bank. “The Plaza in Coral Gables is a superb location and we are grateful for the expertise provided by Newmark to secure the space. BAC Florida looks forward to celebrating the 50-year anniversary of our founding in The Plaza.”
Located at 3011 Ponce de Leon Boulevard, The Plaza at Coral Gables consists of two Class A office towers totaling 447,675 square feet; a 4.5-star, 242-room hotel with meeting space; 161,000 square feet of carefully curated restaurants, entertainment and lifestyle retail; and residential townhomes and apartments. The seven-acre community is expected to deliver in 2021.
“The Plaza’s premier location and luxury amenity set were significant factors in BAC Florida Bank’s decision to relocate its Coral Gables headquarters,” said Duffy. “The walkable, mixed-use community fits within our client’s long-term strategy to elevate its workplace environment and attract and retain top talent.”
The Plaza at Coral Gables is the first large mixed-use development in the City of Coral Gables. According to Newmark’s Q2 office report, the Coral Gables submarket is strong and active. In the last quarter, two of the largest building transactions occurred in the area, totaling more than $113 million and 308,495 square feet. In addition, The Plaza represents the largest new construction project in Coral Gables since the city’s inception in the 1900s.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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