Avison Young’s Miami Office Moving to Coral Gables

By Scott Baltic, Contributing Editor

Following the announcement barely a month ago that it would join Avison Young, the former Colliers International South Florida a.k.a. Abood Wood-Fay Real Estate Group L.L.C. will be moving into new quarters, in a Class A office-and-retail tower in Coral Gables.

The building is 2020 Ponce, for which Colliers International South Florida has been the exclusive listing agent since 2010.

The current lease for Avison Young’s Miami office is expiring soon, principal Donna Aboud said in a release, adding that the new space, 9,900 square feet on the 12th floor, will be designed by architect Burton Hersh. The new office will be operational next May, an Avison Young spokesperson told Commercial Property Executive.

The purchase of Colliers International South Florida was reported by CPE on Nov. 11, and the closing took place on Dec. 1, according to the spokesperson.

Though 2020 Ponce was launched as a for-sale (condo office) project in 2009, developer Florida East Coast Realty, of Miami, has been leasing space there for the past several years, though it is once again offering for-sale office and retail space. The building totals 130,000 square feet, including ground-level retail and exterior terraces on the upper floors, plus a six-level parking garage.

The average vacancy for Class A office space in the Coral Gables submarket is 16.8 percent on an inventory of almost exactly 3.6 million square feet, with no deliveries this year and no additional space currently under construction, according to a third-quarter report from JLL.