Why Multinationals Are Flocking to 396

Save the date: RealShare Apartments East comes to the Hyatt Regency in Miami, FL, on February 26.

MIAMI—Multinationals like Coral Gables—and they like green office space. That has put 396 Alhambra is a strategic position.

396 Alhambra, Coral Gables' first newly-constructed LEED Gold office building, has won the attention of several significant multinational companies, including HBO Latin America, Diageo, and, most recently, Mondelez International.

GlobeSt.com caught up with Jose Antonio Perez Helguera, managing director of Agave, the developer of 396 Alhabran, to discuss why his firm bet on LEED, why multinationals are flocking to the green building, and what's next for the firm. (Click here to read part one of this interview.)

GlobeSt.com: Which factors prompted you to build Coral Gables' first newly-constructed LEED certified office building—and how do tenants benefit? Are there added costs and/or savings?

Perez Helguera: While Coral Gables has become famous for its Mediterranean-style architecture, the city's new developments have not prioritized LEED designation. Our vision with 396 Alhambra was to blend that that classic style with modern sustainability—something that we found the market was lacking.

The project's focus on environmental features takes on added significance as more and more multinational users adopt mandates to locate in LEED buildings. Moreover, the group has a mandate from the leadership to have all of the assets be environmentally friendly. By deciding to certify the building early in the design process, we were able to substantially reduce the frond-end costs of the certification. The tenants will see the direct advantage of the certification in the lower costs of operations, primarily utility expenses.

GlobeSt.com: What types of tenants have been drawn to 396 Alhambra's office and retail product?

Perez Helguera: 396 Alhambra's office product has been well received by major multinational corporate users looking to establish a South Florida presence. The building is home to HBO Latin America, Diageo, Millicom International, RTKL, and Citibank, among others. This is an ideal location for companies large and small seeking premium office space in a newly-constructed office building. As for our retail spaces, we are in advance talks with several national restaurants chains interested in entering the Coral Gables market and joining restaurant row on Giralda Avenue.

GlobeSt.com: What's next for Agave Holdings in Miami for 2013?

Perez Helguera: Right now, our chief focus is leasing the office and retail product at 396 Alhambra. We're making progress at a fast pace, so our attention will soon turn to what's next. We think there's tremendous opportunity in the Miami market and we're actively seeking new opportunities on the commercial and residential fronts.