Investor Trio Pays $98M for Metro Miami Office Asset
PGIM sold the property after nearly 20 years of ownership.
Intalex Capital, Itero Investments and Greenwall Capital have paid $97.8 million for The Ponce, a two-building office campus in Coral Gables, Fla. It’s the city’s largest sale so far in 2026, according to The Real Deal.
PGIM sold the 348,473-square-foot property it had owned since 2007. Back then, the firm acquired the office complex from developer Hines, which stayed on as property manager.
CBRE worked on behalf of PGIM and also arranged a $105 million acquisition loan from ACORE Capital. Hines will continue to manage the property while Cushman & Wakefield will oversee leasing efforts.
READ ALSO: How Coral Gables Is Cementing Its Status as a Top Office Market
The new owners plan to invest $30 million in property renovations, targeting upgrades that support workplace well-being. Improvements will include modernized and expanded common areas and amenities, updated building systems and enhanced courtyards. Renovations are slated for completions by 2027.
A closer look at The Ponce
The Ponce consists of two office buildings completed in 2004 at 2525 and 2555 Ponce de Leon Blvd., close to The Plaza Coral Gables, the largest mixed-use development in the city’s history. Downtown Miami and its international airport are both within 5 miles.
The tower at 2525 Ponce de Leon Blvd. totals 254,803 square feet and rises 12 stories, including 21,500-square-foot floorplates and 14,000 square feet of ground-floor retail space. The second structure is a 93,670-square-foot, six-story building with floorplates ranging from 11,428 to 21,500 square feet.
Amenities at The Ponce include on-site dining options, a courtyard with outdoor seating, a fitness center and a business center. The buildings share a covered parking garage at 152 Valencia Ave.
The campus’ tenant roster includes Quest Workspaces, Ole Broadcasting, Orbit Interactive, Maxwell Engineers and Wells Fargo, among others, according to Yardi Matrix information. The 65 percent-leased asset also houses Podhurst Orseck, while MassMutual is scheduled to move in soon. Cushman & Wakefield Executive Managing Director Ryan Holtzman and Director Lena Weeks will handle leasing at The Ponce going forward.
CBRE Vice Chairman Christian Lee and First Vice President Sean Kelly, together with Senior Investment Sales Analysts Matthew Lee and Tom Rappa, represented the seller. In addition, First Vice President Andrew Chilgren and Senior Vice President Amy Julian arranged acquisition financing.
Miami’s strong fundamentals drive premium pricing
As of May, Miami’s office fundamentals stood out once again, a recent Yardi Matrix national office report shows. The metro’s vacancy rate, down 140 basis points year-over-year to 13.2 percent, was the second-lowest in the U.S.
Miami’s office transaction activity totaled $873 million in the first five months of the year, placing the metro sixth in the nation. However, pricing stood at $444 per square foot on average—more than double the national average of $213 per square foot—positioning the Magic City among the country’s most expensive markets.
One of the metro’s noteworthy deals was the $180 million transaction involving 545 Wyn. A partnership between Goldman Properties and Citadel’s Founder & CEO Ken Griffin acquired the 324,935-square-foot building from Sterling Bay Co. in January.
You must be logged in to post a comment.