(Crystal Proenza is associate editor of Real EstateFlorida.)

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MIAMI-Locally based Dayco Properties and Randall Hill havereceived a certificate of occupancy on their latest development,1600 Ponce de Leon Blvd. The 80,000-square-foot class A officecondo building is the newest of its product type to open in theCoral Gables submarket.

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The property is 85% sold, with more than 50% of those units setfor closings within a month, Hill tells GlobeSt.com. Buyers are notyet being disclosed, but include financial services, lawyers, realestate developers and an executive center. Office condos at the$38-million project sold for an average of $517 per square foot,says Hill. Both Dayco and Randall Hill plan to run offices out ofthe building, and have decided to lease the remaining 15%, or about10,000 square feet of the building.

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Coral Gables-based Colliers Abood Wood-Fay has been namedleasing agent for the space. Amenities at the project include threehigh-speed elevators, front desk concierge service, a parking ratioof two vehicles per 1,000 square feet, "smart" technology andwireless communication throughout the building. Full-serviceleasing rates range between $45 and $50 per square foot.

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"This is a high-quality class A office building in the CoralGables market, where there are very few options available," saysColliers senior VP and partner Carol Ellis-Cutler. "I am veryoptimistic the space will lease quickly as we already have severalinterested parties looking at this time." A 5,300-square-footpenthouse space is also available for lease, which Ellis-Cutlersays is the only type of that space on the market.

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Coral Gables has one of the lowest vacancy rates in Miami-DadeCounty, at 6.1% through the third quarter, according to CB RichardEllis. Average annual leasing rates of $37 per square foot are thesecond highest in the county, reports the brokerage.

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Tenants at 1600 Ponce de Leon are currently in the permit stagefor their spaces and will occupy them in the first quarter of 2009,says Ellis-Cutler. The joint venture between Dayco Properties andRandall Hill has several other projects in the Coral Gablessubmarket, including 55 Merrick, a residential, office and retailmixed-use building, and a 125-unit residential tower, 1300 Ponce,currently under construction.

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