Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COCONUT GROVE, FL-Spanish Broadcasting System has extended its 14,678-sf lease at SBS Tower and added 33,795 sf for a 10-year term. The company is relocating and consolidating several operations from 1001 Ponce de Leon in Coral Gables to its headquarters here.

The value of the agreement is undisclosed, but Tony Puente, VP with the CB Richard Ellis brokerage services group in Miami, tells GlobeSt.com the asking rental rate in the building ranges from $30 per sf to $33 per sf.

Puente represented the building owner, whom he says is “a top executive of Spanish Broadcasting System.” Michael Katz of locally based MK Real Estate Group Inc. represented the tenant in negotiations at the building that bears its corporate parent’s name. This lease takes occupancy in the 320,000-sf complex to 80%, Puente says. Among the other tenants are Oppenheimer & Co., Terremark Worldwide, Everest Capital, and Bermello, Ajamil & Partners.

“Over the last two years vacancies within this submarket increased from 5.5% to 17.9%, as several tenants opted to relocated to Coral Gables,” according to Puente. “However, over the past six months, this submarket has witnessed increased leasing activity with several tenants opting for Coconut Grove over Coral Gables.”

SBS Tower consists of 294,000 sf of office space on 21 floors along with 16 townhouse units and a 1,097-vehicle covered parking garage. It was built in 1989. Richard Bamonte, CBRE VP, is also a part of the building’s leasing team.

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?

Dig Deeper


Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.