MIAMI—55 Miracle Mile, a 65,242 square-foot class A mixed-use development, is reporting a miracle, of sorts. The building is fully leased.

55 Miracle Mile reached 100% occupancy on three new office leases to All Inclusive Collection, Maltzman & Partners, and Richards Goldstein executed in July. Most of the leases were renewals and all were expansions and come on the heels of recent renovations and upgrades to the interior, exterior and garage.

“Our team took over the leasing four months ago, and we were able to bring the vacancy rate down to zero as a result of the three most recent leases, which represent approximately 20% of the office space,” says Stephen Rutchik, executive vice president of Colliers International South Florida, who represented the owner, CGI Merchant Group. “The mix of retailers and office tenants coupled with the upcoming improvements to Miracle Mile has made this an even more desirable building.”

The mixed-use property is located on the north block of trendy Miracle Mile between Galiano Street and SW 37th Avenue. The office building features class A retail space and an attached parking garage. HSBC Bank, Tarpon Bend and Cibo Wine Bar are among 55 Miracle Mile's tenants.

According to Costar, there is only one other class A building in Coral Gables that is 100% leased. That's the 2525 Ponce De Leon building.

“International banks and wealth management/securities firms have historically had a strong presence in the Coral Gables market,” Danet Linares, vice chairman and Blanca Commercial Real Estate, whose firm recently inked a landlord rep deal with BAC Colonnade, tells GlobeSt.com. “But more and more we're seeing major multinational companies locate here.”

Instant Insights /

55 Miracle Mile Sees Breakthrough

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