By: Nick Trombola
U.S.-based law firm Hinshaw & Culbertson has leased more than 21,000 square feet of office space in The Plaza Coral Gables in Coral Gables, Fla., according to Blanca Commercial Real Estate.
Developed by Agave Holdings and completed last November, the 7-acre Plaza includes approximately 455,008 square feet of office space in two towers, referred to as North Tower and South Tower.
The law firm was one of six new tenants to sign at the property. The other new tenants include Eisner Advisory Group, Trax USA, Diageo North America, W.E. Family Offices and Marriott International, which will all occupy space in the North Tower. The 291,267 square feet of office space in the North Tower is 83 percent leased thanks to the new and existing tenants, while The Plaza overall is now nearly 90 percent leased.
“We have witnessed continued leasing momentum and are positive that it will result in full occupancy by year end,” said Tere Blanca, founder and CEO of Blanca Commercial Real Estate.
In addition to the office towers, the Plaza includes the 242-room Loews Coral Gable Hotel, 165,000 square feet of street-level dining and entertainment space, 170 “high-end” rental units and a large open green space.
Despite office market activity generally lagging behind pre-pandemic levels in some major U.S. cities, commercial real estate is booming in South Florida, executives at Avison Young told the Commercial Observer in June.
Along with sunny weather, geographic location and other advantages, Avison Young Principal John Crotty said that the state’s tax benefits create a strong incentive for companies around the country to relocate to the region, thus fueling demand for space.