MIAMI-Codina Realty Services Inc. ONCOR International has leased almost 40,000 more sf of office space at its 355 Alhambra Circle building in Coral Gables, FL. The leases are valued at up to $13.88 million and bring the building’s occupancy to 80%.

Three new tenants joined the building’s lease roster. The largest is Merrill Lynch, which signed a 10-year lease for nearly 31,000 sf. In addition, Washington Mutual leased 6,970 sf for 15 years, and Adecco North America, a national personnel staffing company, leased 1,209 sf for five years.

These new leases complete the leasing of the retail portion of the building, leaving office space to be leased.

Financial terms of the leases were not disclosed. However, with average per-sf asking rental rates in the building being between $29 and $33, this makes the estimated combined values of the three new leases between $12.19 million and $13.88 million, according to research.

This breaks down to $8.99 million to $10.23 million for Merrill Lynch, $3.03 million to $3.45 million for Washington Mutual, and $175,305 to $199,485 for Adecco North America.

Merrill Lynch is relocating its Coral Gables office and its Downtown Miami district office, with more than 130 financial advisers, to the 355 Alhambra Circle building.

“Merrill Lynch’s commitment to 355 Alhambra Circle is a great addition to our strong tenant roster and provides a signature identity for the building,” Jack Lowell, vice chairman of Codina Realty Services Inc. ONCOR International, tells “This and the other leases we are completing validates the building as the most successful of the four new structures in Coral Gables.”

Lowell says, “In this time of relative slowness in the commercial office market, this activity also demonstrates the validity of the Coral Gables market to office tenants in Miami, and we believe it will generate great momentum for ourselves and the other buildings.”

Lowell and Codina broker Christie Grays handled the leases.

In a prepared statement, Brian Sepe, managing director of the Miami Americas Complex of Merrill Lynch, says, “As the gateway to the Americas, Miami is a wonderfully international city and a vibrant market for Merrill Lynch Wealth Management. We’ve committed substantial resources to Miami.”

Representing the tenants in the leasing transactions were CRESA Partners for Merrill Lynch, USI Real Estate Services for Adecco and Axis Realty for Washington Mutual.

355 Alhambra Circle is a 16-story, 233,000-sf class A office building that Codina Group completed last year. It opened for business in March 2001.

The building houses Codina Group Inc.’s 36,000-sf headquarters. Other tenants include: Zubi Advertising, which signed a five-year lease for 24,000 sf; Spencer Stuart, with 10,000 sf for five years; Lott & Friedland, 8,000 sf, five years; and Vestrust Services, 7,000 sf, five years. These leases were announced last summer.

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