Nicklaus Children’s Hospital Expands Office Space in Coral Gables
In a notable development in the Coral Gables office market, Nicklaus Children’s Hospital has announced its intention to occupy approximately 65,000 square feet within the prestigious downtown area. This move represents a significant investment in the local business environment and reflects a growing trend of office expansion in the region.
New Office Location
The hospital’s new corporate headquarters will be situated at Columbus Center, a prominent complex located at 1 Alhambra Plaza. The property, which totals 473,214 square feet, has reported varying figures regarding the footprint, with Savills estimating it at 62,078 square feet and Cushman & Wakefield citing 67,705 square feet.
Recent Developments at Columbus Center
In a recent turn of events, Tourmaline Capital Partners acquired the Columbus Center property for $76 million after it was placed in foreclosure. As of July, the site was 62 percent occupied according to reports from Morningstar. The building, originally constructed in 1990, underwent substantial renovations amounting to $11 million two years ago, further enhancing its appeal.
Proximity to Main Campus
The main facility of Nicklaus Children’s Hospital is conveniently situated just three miles east at 3100 SW 62nd Avenue, reinforcing the hospital’s commitment to streamlining operations and improving accessibility for its patients and staff.
Recent Trends in the Office Market
This lease comes on the heels of another significant deal in the area, as City National Bank of Florida recently secured a 144,878-square-foot lease to relocate its headquarters within Coral Gables, marking it as the largest office lease in South Florida since 2023. This trend highlights the resilience and growth potential of the Coral Gables office market.
Looking Ahead
As the Coral Gables office landscape continues to evolve, the move by Nicklaus Children’s Hospital signals not only its growth but also a broader revitalization in the region’s commercial real estate sector. The hospital, along with other organizations expanding in the area, indicates a healthy and competitive market environment.
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