396 Alhambra gets first tenant

Citibank has inked a 5,500-square-foot retail lease at the North Tower of Coral Gables’ 396 Alhambra, making it the new luxury office complex’s first tenant. Citibank, whose current branch building is being demolished for the construction of the 15-story North Tower, will temporarily move into the South Tower while it awaits the completion of its new home, slated for the third quarter of 2011. The lease is for 10 years with an option to renew. The developers of the complex, which will have 273,000 square feet of Class A office space once it is finished, are being led by Agave Florida Investments, an affiliate of Mexico City-based Jose Cuervo Group, Alhambra Investors and Miami developer Eduardo Avila.