Commercial tenants flock to Coral Gables

The Alhambra in Coral Gables
The Alhambra in Coral Gables

Coral Gables is seeing growth as two new tenants have signed leases at The Alhambra, a 14-story class A office tower connected to the Hyatt Hotel.

Fiduciary Trust International of the South, a division of Franklin Templeton Investments, is relocating to Coral Gables from its current space in downtown Miami, according to The firm will be taking up 12,500 square feet of space at 2 Alhambra Plaza. Shared office space provider Pipeline Workspaces will be occupying 14,000 square feet at 95 Merrick Way, also part of the same complex.

The new tenants bring The Alhambra to 85-percent occupancy, up from 52 percent 18 months ago. “We have seen a lot of tenants relocating from the Central Business District to Coral Gables because they like the ample parking, convenient access to Miami International Airport and the rich cultural, entertainment, dining options offered in Coral Gables,” Maggie Kurtz of CBRE told GlobeSt.

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The Coral Gables office submarket saw 195,000 square feet of space occupied during the first three quarters of 2014, according to CBRE statistics. []Chris Guanche