Baptist Health Buys City National Bank Office for $39M

Baptist Health South Florida is buying an office building from City National Bank of Florida for $39 million, the South Florida Business Journal reported on October 8. The outlet is paywalled to our desk, so the price and parties here are its reporting, not something we have verified in a deed.

Why it matters

The address was not stated in the material we could reach. Miami-Dade Property Appraiser records show City National owns a four-story office building at 2855 Le Jeune Road in Coral Gables that matches the description, but we have not confirmed it is the property in the deal.

The pattern is the story: a hospital system taking office space in Coral Gables, and a bank selling real estate it no longer needs after moving its headquarters.

The numbers

If the matching parcel is the right one, the price compares with the county’s valuation as follows.

• Reported price: $39M (SFBJ).
• 2026 assessed value, folio 03-4117-005-4650: $17.2M.
• Price to assessed value: about 2.3x.
• Building: four stories, built in 2007, per the appraiser’s record.

Assessed values in Florida often trail market value, so a gap of this size is not unusual. It does show how far a negotiated price can sit above the tax roll.

City National signed a 144,878-square-foot lease for a new headquarters at 2701 South Le Jeune Road in 2025, according to Commercial Observer. That move is the likely reason it would shed an owned office building nearby, though neither outlet has said so for this sale.

What’s next

A recorded deed will confirm the buyer entity, the property and the price. We have asked for that record to be pulled and will update when it posts to the Miami-Dade clerk.

Watch how Baptist Health uses the space. Clinical, administrative or outpatient use would signal where the system is growing. For the broader market, see South Florida coverage.