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. couldn’t reach the tenant or the property owner at publication deadline to learn terms of the lease. But area brokers tell 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

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.