2525 & 2555 Ponce de Leon Blvd.-Coral Gables, Florida
Type: Multi-Story Office Buildings
Client: Hines US Office Development Fund
Size: 350,000 Square Feet of Class A Office and Retail Space
Class A office building developed by Hines under Thomas Roth’s leadership. Built for a comingled fund comprised of large institutional investors, the project was composed of two office buildings with retail at grade, a landscaped courtyard and a 900-space parking garage.
Role: As Project Officer for Hines, Roth acquired, financed, developed and acted as leasing director on the Class ‘A’ 2525 Ponce de Leon office building. After project completion, Roth acted as asset manager and disposition manager. Under Roth’s leadership, 2525/2555 Ponce de Leon was leased to 97%.
At that time the project was positioned for sale and was ultimately sold in August 2007 for a price that stands today as the highest paid in South Florida for a pure Class A multi-tenant office building (over $500/SF). Integral to the success of the project was adding value at each turn before, during, and after construction including:
- Performing benchmark study of the office market to determine where demand was and then redesigning the project to meet the demands of the market,
- Repositioning and branding the project to capture the greatest demand,
- Repositioning and upgrading the existing 100,000sf building on site from a C to a B building and carefully relating it to the new Class A building
- Working closely and creating consensus with the City of Coral Gables,
- Forming deep relationships with the tenants and tenant representatives who are active in the broader marketplace,
- Carefully positioning the project for sale ranging from the language used in lease clauses and the rollover schedule to the parking utilization and value-add physical suggestions incorporated in the Offering Memorandum.