Coral Gables Office Space 'Tightening By the Month'

MIAMI—Lott & Fischer, an intellectual property and patent law firm, and maritme law firm Moore & Company just inked an 11,300-square-foot office lease in Coral Gables, FL.

Together, the firms will take down the entire third floor—the highest floor in the building—at 255 Aragon Avenue.The deal marks Lott's relocation and expansion by 2,331 square feet in the Miami submarket.

Abood has represented the law firm for over 25 years. Scott Sime, president of Sime Realty, represented the landlord during this lease transaction.

It appears Lott got in at the right time. Abood tells GlobeSt.com the Coral Gables submarket “is tightening on a monthly basis.” She identified a full-floor of space with an opportunity for exterior signage for Lott.

“As job growth continues throughout Miami including Coral Gables, demand for class A office space has increased, with law firms leading office-using sectors looking to expand,” says Abood. “Additionally, limited construction in Coral Gables has further hindered quality office space availability and resulted in a 9.2% vacancy rate, one of the lowest in Miami-Dade County.”

Lott's new office space at 255 Aragon Avenue is near Miracle Mile, the popular business and shopping stretch in the core of Downtown Coral Gables. Lott moved from an 8,969 square-foot-space at 355 Alhambra Circle.

“Lott & Fischer sought to capitalize on the expiration of its current lease to expand its office space at a more ideal location with a lower rental rate,” Abood says. “Despite the high demand for office space in Coral Gables' current landlord market conditions, we successfully negotiated a lease at $10 less per square foot, meeting the space, location and fiscal requirements of our client.”

MIAMI—Lott & Fischer, an intellectual property and patent law firm, and maritme law firm Moore & Company just inked an 11,300-square-foot office lease in Coral Gables, FL.

Together, the firms will take down the entire third floor—the highest floor in the building—at 255 Aragon Avenue.The deal marks Lott's relocation and expansion by 2,331 square feet in the Miami submarket.

Abood has represented the law firm for over 25 years. Scott Sime, president of Sime Realty, represented the landlord during this lease transaction.

It appears Lott got in at the right time. Abood tells GlobeSt.com the Coral Gables submarket “is tightening on a monthly basis.” She identified a full-floor of space with an opportunity for exterior signage for Lott.

“As job growth continues throughout Miami including Coral Gables, demand for class A office space has increased, with law firms leading office-using sectors looking to expand,” says Abood. “Additionally, limited construction in Coral Gables has further hindered quality office space availability and resulted in a 9.2% vacancy rate, one of the lowest in Miami-Dade County.”

Lott's new office space at 255 Aragon Avenue is near Miracle Mile, the popular business and shopping stretch in the core of Downtown Coral Gables. Lott moved from an 8,969 square-foot-space at 355 Alhambra Circle.

“Lott & Fischer sought to capitalize on the expiration of its current lease to expand its office space at a more ideal location with a lower rental rate,” Abood says. “Despite the high demand for office space in Coral Gables' current landlord market conditions, we successfully negotiated a lease at $10 less per square foot, meeting the space, location and fiscal requirements of our client.”