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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.

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