An office building in Coral Gables has changed hands for $57.5 million, going to an affiliate of Zurich North America. The 2121 Ponce office building in Coral Gables is a 164,848 sqf office building built in 1971 on a 38,265 sqf site. The 13 story building has 586 parking spaces and traded for $349 per square foot. Tenants at 2121 Ponce include accounting firm Goldstein Schechter Koch, Fox Latin America, Valley National Bank the Consulate of Barbados. CREC which bought the building with Greenstreet Partners in 2005 for $27.1 million, also brokered the deal.
“Our experience at 2121 Ponce is an example of how a building’s value can be maximized by bringing a clear vision to life through creative leasing, construction, marketing and property management strategies,” said CREC Chairman Warren Weiser. “The investments we’ve made over the past decade have transformed the building into a core institutional-grade asset, leading to this sale. We expect similar acquisition activity in the coming months given high barriers to new development across South Florida.”
