Apple office hub becomes year’s biggest deal
Miami Today Discusses Coral Gables submarket and new office leased by Apple with Lee & Associates Principal, Bert Checa
'Apple office hub becomes year’s biggest deal'
Coral Gables continues to welcome world-recognized brands as Apple moves in The Plaza Coral Gables.
“I think what’s exciting about Apple is that it is an expansion project,” said Mark Trowbridge, president and CEO of the Coral Gables Chamber of Commerce. “This comes on the heels of FIFA bringing their corporate headquarters here, which is a relocation project, and then Ryder Corporation, which has just now opened here in Coral Gables, which was a retention project.
“Coral Gables has seen three very significant global brands, either relocate here, expand here or stay here in a more significant way. I think that says a lot about the business climate of the city and that we have really done everything we can to roll out the red carpet for companies like this.”
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“AGAVE’s development The Plaza Coral Gables reaffirms that if you develop a top-tier, amenity-filled mixed-use project, you can attract quality credit tenants like Apple,” said Bert Checa, a principal at Lee and Associates South Florida.
The development’s amenities, location and price could have impacted Apple’s decision to move in.
“When compared to other projects that Apple might have considered in Brickell or Waterford, this project has 168,000 square feet of retail, it has 242 hotel rooms,” said Mr. Checa, “those amenities at $65 a foot are hard to beat. It’s hard to find [a location] where someone from California, from Apple’s executive team, can come to Miami, stay at the Loews hotel, take a connecting bridge right from the Loews hotel to the office tower and show up for a meeting at the Miami office. It’s very convenient.”
Additionally, Coral Gables’ in-and-out access points are far superior to those of Brickell and downtown, said Mr. Checa. “There are a lot of [possible] reasons, not just the rental rate being almost half the cost of what Class A space is going for in Brickell Avenue, but many reasons why Apple decided to go into The Plaza. I think the amenity, the hotel, that was probably a big decision-making point for them, being able to have their executives stay within the mixed-use project.”
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About Lee & Associates South Florida
Lee & Associates South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee & Associates is the largest agent owned brokerage in the nation with Senior Agent’s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making. The Lee & Associates’ robust national network that sold and leased over $32 Billion in 2022 offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee & Associates South Florida, visit leesouthflorida.com or follow us on Facebook, LinkedIn, Twitter and Instagram, our company local news.
About Lee & Associates
Lee & Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee & Associates has grown its service platform to include over 75 offices in the United States and Canada. Lee & Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.
