CORAL GABLES – August 23, 2014 – (RealEstateRama) — On the heels of signing UBS to the largest Coral Gables lease of the year, Taylor & Mathis has secured an additional $25 million in leases at the iconic 550 Biltmore. The Taylor & Mathis leasing team of Brian Gale and Ryan Holtzman negotiated the transactions on behalf of owner AEW.
In a new to market deal Heinemann Americas, Inc, one of the largest duty-free companies in the world, has leased 8,300 square feet. The company’s US office will help expand their cruise liner business which is dominated by American shipping companies. From this base, the company acts as a retail and distribution partner to organizations such as MSC Cruises, supplying its fleet in Miami, the Caribbean and South America. The deal was co-brokered by Wolfgang Hertz and Natalie Duran of Fortune International Realty representing Heinemann.
“The tenant loved all of the renovations, which were recently completed in the building,” stated Holtzman. “They wanted to be in a building in Coral Gables with quality ownership. However, it was one of the more unique amenities in the building that actually sealed the deal – the 1,000 square foot balconies, with views of the city were the key in making the deal.”
Richemont Latin America & Caribbean LLC expanded their headquarters by 3,215 square feet to lease 30,000 square feet at the building. John Marshall of CRESA South Florida represented Richemont in the deal. Richemont owns several of the world’s leading companies in the field of luxury goods, with particular strengths in jewelry, luxury watches and writing instruments.
Keller Williams Realty Coral Gables-Coconut Grove leased 6,500 square feet. Carol Ellis-Cutler of Colliers represented the tenant.
Owner AEW spent millions of dollars over the past 3 years to upgrade the iconic building, including the lobby, elevators and common areas. The renovations earned the building the Renovated Building of the Year award from the Building Owners and Managers Association (BOMA) in 2013. The renovations have been instrumental in attracting new tenants and keeping existing ones in a market with a higher vacancy rate than neighboring sub-markets.
550 Biltmore, a 14-story pyramidal landmark office building in downtown Coral Gables, underwent a major renovation to the lobby, incorporating clean, modern lines in the design and furnishings as wells as upgrades to the mechanical and HVAC systems. The 162,293 square foot office building features a pyramid configuration, enabling most suites to feature a private balcony with conference-size terraces for larger offices. The facade is comprised of imported Italian travertine marble and black granite. A circular driveway and fountain demarks the building’s main entrance, which is flanked by two impressive bronze-cast lions.
About Taylor & Mathis
Taylor & Mathis, the exclusive leasing agent for 550 Biltmore, is a diversified real estate company specializing in the development, marketing and management of office buildings, suburban office parks, industrial parks and mixed-use projects. In Florida the company leases and/or manages a portfolio over 12 million square feet. Founded in 1967, the company has developed properties exceeding $1.9 billion in value and has established itself as one of the most respected regional real estate firms in the United States. Based in Atlanta, with offices in Miami, Tampa, Orlando and Sunrise, Taylor & Mathis concentrates its business activity in primary growth markets in the southeastern United States. For more information, visit www.TaylorMathis.com or www.taylormathisflorida.com
Ryan Holtzman, Taylor & Mathis