PSEG Americas Locks Up 34,733 SF at Alhambra Towers

MIAMI-The 15-story, 174,000-sf Alhambra Towers, being built at an estimated hard construction cost of $26 million in suburban Coral Gables, FL, is 56% preleased. Completion is scheduled for January 2002.

The newest tenant is PSEG Americas which is initially taking 22,522 sf on a long-term lease and adding 12,211 sf by 2006.

GlobeSt.com couldn’t reach the tenant or the property owner at publication deadline to learn terms of the lease. But area brokers tell GlobeSt.com on condition of anonymity the 22,522-sf lease is for at least 10 years at an average rent of $34 per sf. That would make the lease worth an estimated $7.66 million.

If the additional 12,211 sf is locked in at the same $34 per-sf rent, the estimated aggregate value of the total 34,733 sf would be $11.8 million, area brokers tell GlobeSt.com.

Other previously signed tenants are the International Bank of Miami, Fidelity Brokerage Services Inc. and The Allen Morris Co.

Jorge L. Morales and Dale I. Graham of Allen Morris negotiated for the property owner. Richard Cooper of Grubb & Ellis Co. represented the tenant.