The aggregate value of the lease agreement and rental rate are undisclosed. According to first-quarter 2005 data from four area offices of national brokerage firms, the asking rental rate for class a office space here ranges between $29.19 per sf and $30.47 per sf.
Michael Klotz, first VP, and Jeffrey Hartsook, associate in the Miami office of CB Richard Ellis, represented Cargill in the lease negotiations. Thomas Roth and Gonzalo Cortabarria, Hines' project director, spoke for the owner. The move, scheduled to take place this October, will bring approximately 90 employees to the new offices.
"With vacancies decreasing, lower sublease availabilities and positive absorption within the Coral Gables submarket, tenants are increasingly examining their real estate requirements before the window of opportunity shuts," Hartsook says. Cortabarria adds that Hines and the brokers are working aggressively to fill the building by year's end.
Cargill, a Minneapolis-based international provider of food, agricultural, and risk management products and services, operates in 59 countries. Other tenants in 2525 Ponce de Leon include the law firms of Adorno & Yoss and Tropin & Throckmorton; the Raymond James financial services firm, IVC Television Inc.; Wachovia Bank; PeopleSoft; and Schumann/Steier, an international petroleum marketing firm. The property also includes Fleming's Prime Steakhouse and Wine Bar, Sacha's courtyard café, and La Cofradia, a Mediterranean restaurant.
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