The Real Deal Miami

Morays Jewelers to move HQ to Coral Gables

Allen Morris Company and Fortune International brokered the lease

June 19, 2015 02:15PM
By Katherine Kallergis

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Ana Barcelo and 116 Miracle Mile (far right)

Ana Barcelo and 116 Miracle Mile (far right)

A Miami-based jeweler is moving its corporate headquarters from downtown Miami to Coral Gables, the Allen Morris Company announced this week.

Morays Jewelers signed a lease for a 6,500-square-foot facility at 116 Miracle Mile. The store and offices will open during the first quarter of next year. The company has been based in downtown Miami since 1944, according to a press release.

Ana G. Barcelo, a senior broker associate with the Allen Morris Company, negotiated the deal. Fortune International Realty’s Maria de Jose Mendizabel represented the landlord. Terms of the lease were not disclosed.

“The building’s prime location and upgraded finishes were essential elements in selecting this location as the new headquarters for Morays, as the company continues its tradition as one of the premier jewelers of South Florida,” Chairman and CEO Allen Morris said in the press release.

Boan Investments, a company based in the British Virgin Islands, owns the 6,526-square-foot, three-story building at 116 Miracle Mile. The company paid $3 million for the property in October 2013, according to Miami-Dade property records.

Nearby tenants include Alegria’s Brides and Barnes & Noble.

A $20 million streetscape improvement plan is coming to the area. In August, Coral Gables commissioners approved an upgrade plan that called for more green spaces and improved pedestrian areas, such as wider sidewalks, outdoor dining areas and mid-block parks and plazas. The city plans to break ground on certain parts of the plan, yet unannounced, by this fall.