The Real Deal Miami

Mercantil Commercebank spends $75M on HQ building

Bank's lease at downtown Coral Gables property was about to expire
November 03, 2014 09:45AM

220 Alhambra Circle (inset: Millar Wilson)

220 Alhambra Circle (inset: Millar Wilson)

Mercantil Commercebank spent $75 million to acquire its headquarters in Coral Gables.

The bank, a subsidiary of Venezuela-based Mercantil Servicios Financieros, purchased the 175,000-square-foot office building at 220 Alhambra Circle. It has occupied space in the building for nearly 17 years. Mercantil presently takes up 44 percent of the property and plans to lease the rest of it to other tenants.

Mercantil CEO Millar Wilson told the South Florida Business Journal the bank was trying to buy the building for about three years and finally persuaded owner 220 Alhambra Circle LP to sell. Its lease was close to expiring. [South Florida Business Journal]Eric Kalis