After a comprehensive search for an alternative in the neighborhood, UBS officials decided to renew the financial services firm’s 43,500-square-foot office lease at 550 Biltmore.
Located in downtown Coral Gables, 550 Biltmore is a 14-story, 162,293 square-foot Class-A office building featuring a pyramid configuration that allows for most suites to have a private balcony with conference-size terraces accessible through the larger offices. The building was awarded an Energy Star label for its operating efficiency.
Taylor & Mathis, the exclusive leasing agent for 550 Biltmore finalized the 12 year lease renewal. The transaction was brokered by Taylor & Mathis Director of Leasing, Ryan Holtzman and UBS broker, Tony Jones of Cushman & Wakefield.
UBS has been the anchor tenant in the landmark building over the past fifteen years but – due to its relatively high vacancy rate compared to adjacent submarkets – Coral Gables currently has plenty of office space availble to entice tenants. Ryan Holtzman attributes the company’s decision to stay, despite the tempting market, to the multi-million-dollar upgrades put through in the recent years by the owner of the facility, AEW Capital Management.
“This gave us our best chance to renew UBS, which paid off,” he says.
The upgrades affected the common areas, the four high-speed elevators, the mechanical and HVAC systems including a full facelift of the lobby area. The improvements have earned the building the 2013 BOMA award for Renovated Building of the Year.
Image source: taylormathis.com