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Avison Young completes 23,321 square feet of law firm office leases in Coral Gables, Florida

commercial real estate office building in Coral Gables, Florida January 25, 2024

Lease transactions highlight increased demand for spaces under 20,000 square feet while solidifying Coral Gables as a law firm hub outside of Miami’s urban core

CORAL GABLES, FLA. – Avison Young’s Miami office leasing team completed three office lease transactions involving law firm tenants in Coral Gables, Florida.

  • Lott & Fischer, PL, renewed its 11,300-square-foot lease representing the entire third floor at 255 Aragon Ave. Avison Young represented the tenant. 3L Aragon, LLC, is the landlord of the office building, which is 100% occupied.
  • Milberg, Coleman, Bryson, Phillips, Grossman, PLLC, signed a new 6,862-square-foot lease at 201 Sevilla Ave, bringing the building to 100% occupied. Avison Young represented the landlord, LSA Property Holdings, LLC (Shoma Group).
  • Maderal, Byrne & Furst, PLLC, signed a new 5,159-square-foot lease at Ponce Circle Tower at 2800 Ponce de Leon Blvd, bringing the building to 92.2% leased. Avison Young represented the landlord, SCRS 2800 Ponce de Leon, LLC, managed by TA Realty.

The transactions were spearheaded by Avison Young’s Donna Abood, Principal and Miami Managing Director; Joe Abood, Vice President; and Peyton Dowd, Vice President.

“Law firm tenants continue to value the dynamic and synergistic business landscape that Coral Gables provides outside of Miami’s urban core, as underscored by these office leases,” said Donna Abood. “Most tenant demand is concentrated between 10,000 and 20,000 square feet or less, as many businesses implement cost-saving measures by reducing hiring or solidifying hybrid work strategies.”

According to Avison Young’s fourth-quarter 2023 Miami office market report, transaction activity throughout Miami for leases under 10,000 square feet increased in 2023, accounting for 55% of the overall leasing volume compared to 49% in 2022. Activity for leases between 10,000 and 20,000 square feet also increased, comprising 26% compared to 21% in 2022.

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.

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