Apple office hub becomes year’s biggest deal

Coral Gables continues to welcome world-recognized brands as Apple moves in The Plaza Coral Gables.

“I think what’s exciting about Apple is that it is an expansion project,” said Mark Trowbridge, president and CEO of the Coral Gables Chamber of Commerce. “This comes on the heels of FIFA bringing their corporate headquarters here, which is a relocation project, and then Ryder Corporation, which has just now opened here in Coral Gables, which was a retention project.

“Coral Gables has seen three very significant global brands, either relocate here, expand here or stay here in a more significant way. I think that says a lot about the business climate of the city and that we have really done everything we can to roll out the red carpet for companies like this.”

According to commercial brokerage Avison Young’s latest quarterly report, Apple’s lease of 41,981 square feet at 2811 Ponce de Leon Blvd. in Coral Gables is the largest recent office lease in the Miami-Dade market. Additionally, it is more than twice the size of the Venture X lease of 20,253 square feet at 117 NE First Ave. in downtown Miami, the second-largest recent lease.

Apple has had a smaller office in the city for quite a few years, said Mr. Trowbridge, which was focused on their Latin American division.

“They’re [Apple’s] moving in with some really incredible brands,” said Mr. Trowbridge, “but they’re moving from 1 Alhambra Plaza to The Plaza.”

The Plaza has other brands who are tenants including Bradesco and PNC Bank. Additionally, the Loews Hotel is there.

“AGAVE’s development The Plaza Coral Gables reaffirms that if you develop a top-tier, amenity-filled mixed-use project, you can attract quality credit tenants like Apple,” said Bert Checa, a principal at Lee and Associates South Florida.

The development’s amenities, location and price could have impacted Apple’s decision to move in.

“When compared to other projects that Apple might have considered in Brickell or Waterford, this project has 168,000 square feet of retail, it has 242 hotel rooms,” said Mr. Checa, “those amenities at $65 a foot are hard to beat. It’s hard to find [a location] where someone from California, from Apple’s executive team, can come to Miami, stay at the Loews hotel, take a connecting bridge right from the Loews hotel to the office tower and show up for a meeting at the Miami office. It’s very convenient.”

Additionally, Coral Gables’ in-and-out access points are far superior to those of Brickell and downtown, said Mr. Checa. “There are a lot of [possible] reasons, not just the rental rate being almost half the cost of what Class A space is going for in Brickell Avenue, but many reasons why Apple decided to go into The Plaza. I think the amenity, the hotel, that was probably a big decision-making point for them, being able to have their executives stay within the mixed-use project.”

The Plaza, said Mr. Trowbridge, has “been doing an incredible job of really attracting some top-tier clients to their building. They have two office towers in that project.”

The tech company’s significant lease showcases South Florida’s lure.

“Apple’s establishment of a new office in Coral Gables reconfirms Miami’s economic vigor and strategic importance,” Rodrick Miller, president and CEO of the Beacon Council, said via email. “This tech industry titan’s expansion not only speaks to our ability to attract global enterprises, but also serves as an example of our local economy’s continued growth. Reinforcing Miami’s position as a hub for innovation, our market’s momentum as a preferred destination for major technology firms looking to expand their footprint is undeniable.”