New Office Building Ready for Tenants

CORAL GABLES, FL-The developer of 2020 Ponce, a 14-story office building located along Ponce de Leon Boulevard, says the building has received its certificate of occupancy and is ready for its first occupants to move in. The 130,000-square-foot building includes seven floors of premium office space, a six-level parking garage and ground-level retail.

Miami-based Florida East Coast Realty has offered space at 2020 Ponce for sale or lease, with 40,000 square feet currently available. The customizable spaces range from 500 square feet to a full floor of 16,500 square feet, and column-free floor plans allow up to 30% greater efficiency in space planning.

Colliers Abood Wood-Fay, also based in Coral Gables, is leasing agent for the Mediterranean-style class A building. Amenities include technology and security systems, wireless capabilities, and concierge and valet service.

The building opens ahead of nearly two million square feet of new offices slated for completion this year in Miami-Dade County, plus 740,000 square feet in 2010. Coral Gables’ office vacancy rate was 18.8% at midyear, though average asking base rents remain just under $40 per square foot, according to Cushman & Wakefield. Full-service rents at 2020 Ponce range between $46 and $51 per square foot.

In a related note, Florida East Coast Realty recently broke ground on its latest development, Villa Majorca, a 36-unit luxury rental townhome complex at Majorca Avenue and Le Jeune Road. “Following the recent delivery of 2020 Ponce, our premier office condominium that now stands as a landmark in this prestigious city, we are extremely pleased to be moving forward with our next development here in Coral Gables,” Tibor Hollo, the company’s chairman and president, stated in a release.