City National Bank of Florida Secures New Headquarters in Coral Gables
In a significant move within the South Florida real estate market, City National Bank of Florida has finalized a lease agreement for a new headquarters at 2701 South Le Jeune Road. The lease spans 144,878 square feet and marks one of the largest office transactions in the region since 2023.
Details of the New Lease Agreement
The new facility, a 15-story structure, will serve as the bank’s main base of operations, relocating from its current office just a block north at 2855 South Le Jeune Road, where it occupies a 124,168-square-foot building. This transaction signifies a notable shift in the South Florida office leasing landscape, surpassing the previous record set by UKG’s acquisition of 155,000 square feet in Weston two years ago.
Strategic Growth and Workforce Expansion
City National Bank is gearing up for growth; the financial institution aims to increase its workforce by 20 percent over the next 18 months. This consolidation will bring together employees currently dispersed across Downtown Miami, the Brickell Financial District, and the existing Coral Gables office, enhancing collaboration and operational efficiency. CEO Jorge Gonzalez expressed this sentiment, stating, “Bringing together teams currently stationed in Downtown Miami, the Brickell Financial District and our existing Coral Gables office will foster deeper collaboration, streamline our operations, and create an environment where relationships thrive.”
Property Background and Future Involvement
The property at 2701 South Le Jeune Road has a rich history; it was previously home to the headquarters of Bacardi. Notably, Amancio Ortega, the billionaire founder of Zara, acquired the building through his investment firm, Pontegadea, for $62 million in 2009. The property is currently undergoing a multimillion-dollar renovation and is set to be rebranded as City National Financial Center when the bank occupies it in 2026. Presently, tenants include Quirch Foods, a food distributor, and Infinity, a carmaker operating a dealership on the premises.
Real Estate Representation
The leasing arrangement was facilitated by representatives from CBRE. Matthew Goodman, Jeff Gordon, and Ramon Hernandez represented City National Bank, while Eric Groffman, Cameron Tallon, and Randy Carballo assisted the building’s ownership.
Conclusion
The decision by City National Bank of Florida to lease a larger headquarters signifies optimism regarding its future growth and operational capabilities in a competitive financial market. As the bank prepares for its transition, it is poised to foster a more integrated and efficient work environment.
For more information, contact Julia Echikson at je*******@co****************.com.