PGIM sells Coral Gables office complex for $98M

PGIM sold the Ponce office complex in Coral Gables for $97.8 million to a group including Intalex, Itero, Greenwall Capital Management, and the family office of the late Carl DeSantis. The 717,805-square-foot campus spans two towers, 257,168 square feet at 2525 Ponce de Leon Boulevard and 93,670 square feet at 2555 Ponce de Leon Boulevard, plus a three-story parking garage at 152 Valencia Avenue. It was 65% leased at closing.

Why it matters

Office trades of this size remain rare as lenders stay cautious on the sector. A near-$100 million acquisition of partly vacant space signals conviction that well-located Miami office, in a supply-constrained submarket like Coral Gables, can be leased up rather than written down. Buyers are wagering on lease-up and repositioning where sellers have reset pricing.

The numbers

The buyers secured a $105 million acquisition loan from Acore Capital, financing that exceeds the purchase price to fund an estimated $30 million renovation targeted for completion in 2027. The buildings date from 1966 to 2004. Hines will continue as property manager, and CBRE brokered the sale. “Premier assets in high-growth, supply-constrained markets continue to outperform,” said Jack Henry Kapp, a Greenwall managing partner.

What’s next

The new ownership will pursue the renovation and lease-up of the roughly 35% of vacant space, testing whether upgraded amenities can draw tenants in a market where newer product commands a premium. The deal adds to a run of capital rotating into South Florida office at reset bases, a contrast to the caution still gripping many gateway markets.