The value of the leases and the rental rate are undisclosed. However, the average asking rental rate for class A office product here is $31.40 per sf, according to fourth-quarter 2005 data from the Miami office of CB Richard Ellis. The report cites Coral Gables as "one of the strongest submarkets in South Florida," and indicates that no other building could have accommodated more than 10,000 sf of contiguous space. "It is a good time to be a building owner in Coral Gables," it states, noting overall office vacancy is 8.3%.

The 16-story Alhambra Towers, designed in traditional Coral Gables architecture, was completed in 2002. Locally based Allen Morris Co. is the developer and leasing agent. Finser is an affiliate of a San Antonio-based privately held international company that has interests in media, entertainment, technology and consumer products.

Dale Graham, SVP, and Bill Bailey of AMCO represented the owner. Sally Baumgartner of locally based Kerdyk Real Estate represented Finser. Bailey and Graham also negotiated leases for two additional new tenants. They were sole brokers for a 2,183-sf lease with law firm Roberts & Durkee PA. The pair also represented the owner in an agreement for 2,134 sf with Excel Times Services LLC. Carla Berens of NAI Miami represented Excel in the transaction.