The City National Bank of Florida has sold its former headquarters in Coral Gables, Florida, for USD 39 million. This is according to property records, after the financial institution relocated its offices earlier this year. The buyer of the property is the non-profit hospital operator Baptist Health South Florida.
The four-storey office building is located at 2855 South Le Jeune Road, just two blocks west of Ponce Circle Park, between Sevilla Avenue and Palermo Avenue. The property, constructed in 2007, comprises an area of 121,418 square feet on a 0.7-hectare plot.
Background to the Sale and the Bank's New Acquisition
Last year, the bank signed a lease for 144,878 square feet for a new location at 2701 South Le Jeune Road. The aim of this relocation was to bring all employees from Miami-Dade County together under one roof. The move into the 15-storey building, owned by billionaire Amancio Ortega, founder of Zara, also took place earlier this year.
At its former headquarters, City National Bank of Florida initially owned the ground floor spaces. Later, in 2017, it acquired the office condominiums on the upper floors for USD 10 million, as reported by the South Florida Business Journal.
Potential Use and Market Development in Coral Gables
It is currently unclear how Baptist Health South Florida, one of the region's largest healthcare networks, will use the acquired building. The company already maintains a corporate headquarters at 6855 Red Road, near South Miami.
Coral Gables, an affluent suburb of Miami, has seen an increase in office property sales in recent months. In July, insurance giant PGIM sold a 717,805-square-foot property for almost USD 100 million. In January, Deutsche Bank divested a 3-hectare plot of land for nearly USD 120 million. A spokesperson for City National Bank of Florida declined to comment. A representative for Baptist Health South Florida did not immediately respond to an enquiry.
