{"id":1004753859,"date":"2025-04-09T01:48:36","date_gmt":"2025-04-09T09:48:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004753859"},"modified":"2025-04-09T03:57:21","modified_gmt":"2025-04-09T11:57:21","slug":"city-national-bank-of-florida-signs-record-miami-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/city-national-bank-of-florida-signs-record-miami-lease\/","title":{"rendered":"City National Bank of Florida Signs Record Miami Lease"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/2701-S.-Le-Jeune-Road-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004753863\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/2701-s-le-jeune-road-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/2701-S.-Le-Jeune-Road-edited.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"2701 S. Le Jeune Road\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/2701-S.-Le-Jeune-Road-edited.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/2701-S.-Le-Jeune-Road-edited.jpg\" alt=\"Exterior shot of the office building at 2701 S. Le Jeune Road in Coral Gables, Fla.\" class=\"wp-image-1004753863\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/2701-S.-Le-Jeune-Road-edited.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/2701-S.-Le-Jeune-Road-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">Completed in 2008, the Coral Gables office building rises 15 stories at 2701 S. Le Jeune Road. <em>Image courtesy of CommercialEdge<\/em> <\/figcaption><\/figure><\/div>\n\n\n<p>City National Bank of Florida is consolidating its growing Miami-Dade County workforce at 2701 S. Le Jeune Road, a 15-story office building in Coral Gables, Fla. The state\u2019s second-largest bank will occupy 144,878 square feet at the property under the largest office lease in South Florida in at least two years.<\/p>\n\n\n\n<p>The building will be renamed as City National Financial Center when CNBFL relocates in 2026. CBRE handled the transaction for the tenant and the landlord, Ponte Gadea, according to <em>Commercial Observer.<\/em> <\/p>\n\n\n\n<p>The move marks a relocation within Coral Gables for CNBFL. The bank\u2019s leadership team is currently at 2855 S. Le Jeune Road, in a 124,168-square-foot building it owns. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-coral-gables-office-building\">A Coral Gables office building<\/h2>\n\n\n\n<p>Ponte Gadea acquired the building in December 2009 for $62 million from Flagler Realty &amp; Development, according to CommercialEdge data. Completed a year earlier, the Mediterranean-style property served as the headquarters of Bacardi USA, which occupied more than 207,000 square feet until 2023, when it moved to the nearby Plaza Coral Gables.<\/p>\n\n\n\n<p>The LEED Gold-certified building is currently undergoing a multimillion-dollar renovation. Located on 1.3 acres, it has 210,000 square feet of office space and 20,000 square feet of retail space. Floorplans average 19,508 square feet.<\/p>\n\n\n\n<p>The property has a fitness center and more than 800 parking spaces in both above-ground and subterranean lots. The building is near major transportation hubs and has easy access to dining, shopping and entertainment.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/miami-office-market-topped-the-charts-in-2024\/\">Miami\u2019s Office Market Topped the Charts in 2024<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Tenants include Quirch Foods and Infiniti Coral Gables, which has a ground-floor showroom. Quirch, a large regional and international food enterprises, leased about 30,000 square feet at the building in November 2015.<\/p>\n\n\n\n<p>CBRE&#8217;s Matthew Goodman, Jeff Gordon and Ramon Hernandez represented CNB, while Eric Groffman, Cameron Tallon and Randy Carballo represented the building\u2019s ownership.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bank-moves\">Bank moves<\/h2>\n\n\n\n<p>The regional bank\u2019s new lease is part of a consolidation strategy aimed at will bringing together teams from downtown Miami, Brickell Financial District and Coral Gables, the <em>Commercial Observer <\/em>reported. CNBFL also plans to expand its workforce by 20 percent over the next two years. <\/p>\n\n\n\n<p>In August, CNBFL opened a new 4,200-square-foot office in Palm Beach Gardens, Fla., to serve commercial and private banking clients in the growing markets of Palm Beach and Martin counties, including the communities of Palm Beach Gardens, Jupiter, Tequesta, West Palm Beach and Palm Beach Islands. The Palm Beach expansion aligned with the bank\u2019s expansion in other key markets outside South Florida, including Orlando and Tampa.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-strong-stable-market\">Strong, stable market<\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.commercialsearch.com\/news\/colliers-vp-on-how-coral-gables-is-cementing-its-status-as-a-top-office-market\/\">Coral Gables office market<\/a> has matured into a strong, stable market due to its location in Miami-Dade County, demographics and Mediterranean architecture. In recent years office tenants which couldn\u2019t find space in the supply-constrained Miami Central Business District began leasing in Coral Gables, Colliers&#8217; Tom Farmer told <em>Commercial Property Executive<\/em> late last year. <\/p>\n\n\n\n<p>Leasing activity has rebounded in the first quarter of 2025 for the entire Miami market after a sluggish 2024, Avison Young reported. The CNBFL deal was easily the largest lease transaction of the quarter with 85 percent of all leasing activity occurring for spaces below 5,000 square feet.<\/p>\n\n\n\n<p>The total vacancy rate for the Coral Gables submarket in Q1 2025 was 14.3 percent, up 3.9 percent from the previous quarter, according to Avison Young data. But it was stronger than the Brickell submarket, which had a total vacancy rate of 16.6 percent, and downtown Miami, which recorded an 18.2 percent vacancy rate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The state\u2019s second-largest bank committed to 145,000 square feet.<\/p>\n","protected":false},"author":1068,"featured_media":1004753863,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1492,21742,21747,32781],"tags":[32789,52194,32779,46307],"class_list":["post-1004753859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-miami","category-latest","category-office","category-southeast","tag-cbre","tag-city-national-bank-of-florida","tag-leed","tag-ponte-gadea"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>City National Bank of Florida Signs Record Miami Lease - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"City National Bank of Florida has signed a 144,878-square-foot office lease at 2701 S. 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