The real estate investing arm of Prudential Financial just paid a whopping $83 million for the 355 Alhambra office tower in downtown Coral Gables.
An affiliate of Prudential Real Estate Investors, which has an asset portfolio valued at $62.6 billion, purchased the 16-story tower through a deed filed Tuesday, according to Miami-Dade County records. The price breaks down to about $168 per square foot.
The seller is AEW Capital Management, an investment management firm that owned the building on behalf of institutional clients. Records show AEW paid $87.3 million for the building in 2008 — about $4.3 million more than its current price.
The tower, at 355 Alhambra Circle, was first built in 2001 and measures 492,820 square feet. A big portion of that square footage is located in the building’s multi-story parking garage, which affords three parking spaces per 1,000 square feet of rentable space, according to the building’s website. The remaining 224,241 square feet is divided into leasable offices. Tenants include Merrill Lynch, Moore & Co. and Spencer Stuart.
This is the second high-profile office purchase in the downtown Coral Gables area to close in December: two weeks ago, a Deutsche Asset & Wealth Management fund paid $119 million for the Alhambra office complex.
Vara Development presents, Antilla Coral Gables, a five-story boutique building featuring modern Mediterranean architecture and elegant, spacious units with wide balconies. This will become the newest condo to launch in Coral Gables, “The City Beautiful!”.
Location
Antilla Coral Gables, located at 20 Antilla Avenue, is ideally situated within minutes of Downtown Coral Gables. Renowned as Miami’s premier private neighborhood, Coral Gables is a city full of thriving businesses, excellent schools, restaurants, and galleries. Whether it’s taking in the shops and bistros of historic Miracle Mile, taking in a round of golf, or indulging in local treasures such as The Venetian Pool, Antilla makes the pleasures of Coral Gables yours.
Residences
Antilla Coral Gables is an elegant, upscale boutique condominium comprised of 32 spacious units with a mix of two bedroom, two bedroom plus den and three bedroom options. Residences will feature gourmet kitchens with quartz counter tops, ItalKraft cabinetry, Bosch and Whirlpool appliances. Each unit comes with spacious 9-foot deep balconies. Antilla Coral Gables is a pet friendly building and the “new” way to call Coral Gables home.
Building Features
Residence Features
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