Nicklaus Children’s Hospital Expands into Coral Gables Office Market
In a notable development for the Coral Gables real estate market, Nicklaus Children’s Hospital has secured approximately 65,000 square feet of office space in the heart of downtown. The new office location will be part of the Columbus Center, situated at 1 Alhambra Plaza, a complex totaling 473,214 square feet.
Office Space Overview
The exact leased space has been reported with slight variations—Savills indicates a footprint of 62,078 square feet, while Cushman & Wakefield cites 67,705 square feet. This new office marks a significant addition to the hospital’s operations, which are currently based approximately three miles away at the main medical campus at 3100 SW 62nd Avenue.
Recent Market Activity
This move comes on the heels of Tourmaline Capital Partners’ acquisition of the Columbus Center, bought out of foreclosure for $76 million last month. At the time of purchase, the complex had a 62 percent occupancy rate, as reported by Morningstar. The property, originally built in 1990, recently underwent an $11 million renovation, enhancing its appeal in the competitive Coral Gables market.
Comparable Leases in the Area
Nicklaus Children’s Hospital’s latest lease follows City National Bank of Florida’s recent commitment to relocate its headquarters within Coral Gables, securing a lease of 144,878 square feet. This transaction was noted as the largest office lease in South Florida since 2023.
Conclusion
This move not only underscores the growth potential in the Coral Gables office market but also highlights the ongoing expansion strategies of major organizations in the region. While a spokesperson from Tourmaline Capital Partners has not yet commented, representatives from Nicklaus Children’s Hospital have also remained unavailable for immediate feedback regarding this significant lease agreement.
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