Plaza Coral Gables nearly fully leased after Apple deal

By: Erik Bojnansky 

Plaza Coral Gables’ 291,000 square feet of Class A office space is almost fully leased after Apple secured space within the mixed-use complex.

Agave Holdings LLC, Plaza Coral Gables’ developer, stated in a release that construction on Apple Inc.’s 45,000-square-foot space is expected to begin in mid-to-late 2024. Its neighbors will include liquor giant Bacardi USA, Bradesco Bank, and tech company ACI Worldwide.

“With LEED-certified, Class A offices, and a plethora of amenities just steps away, we’re excited to provide an unparalleled working environment for Apple and all our office tenants,” stated Carlos Beckman, managing director of Agave Holdings LLC.

According to a market report from Cushman & Wakefield, Apple is slated to move into Plaza’s north office tower at 2811 Ponce de Leon Boulevard. That building is now 97% leased, said Danet Linares, executive vice chairman of Blanca Commercial Real Estate, the Miami-based brokerage that is handling office leasing for Agave.

The south office tower at 3011 Ponce de Leon Blvd., where Bacardi USA and Bradesco Bank have secured space for their respective headquarters, is now 100% leased, she added.

Built on seven acres of land at approximately 2901 Ponce de Leon Boulevard, Plaza Coral Gables is a phased 2.25-million square foot development. Besides offices, Plaza Coral Gables includes a 242-room Loews Hotel, 174 apartments, and 161,000 square feet of retail.

The Class A office project has been a magnet for Coral Gables companies and firms wishing to upgrade their workspaces as well as businesses in the Brickell Financial District in search of lower rental rates. As of the first quarter, the average listed rent for a Class A office in the Brickell Financial District in the first quarter of 2024 was $102.39 per square foot, according to a recent market report from Cushman & Wakefield. In Coral Gables, asking rent for Class A office averaged $55.25 per square foot.

In the Plaza Coral Gables’ north office tower, available office space is listed on for between $70 and $75 per square foot.