54-unit building was completed last year; sales previously led by Engel & Völkers
Brown Harris Stevens Miami is taking on sales of its first new development, an office condo building in Coral Gables.
The brokerage, led in South Florida by Phil Gutman, is handling sales of the remaining 12 units at the 54-unit Ofizzina. It is taking over sales from Engel & Völkers, Gutman said.
TSG Group and BF Group received its temporary certificate of occupancy for the nearly 100,000-square-foot, 16-story building at 1200 Ponce de Leon Boulevard in August. TSG’s managing principal Camilo Lopez said the building was completed with furniture and art in March.
Lopez and Gutman are targeting investors for the remaining 22 percent of the building. Cushman & Wakefield’s Gordon Messinger is handling leasing of the units, and the goal is to sell the remaining office condos with tenants in place.
“Since we saw that the leasing market is super strong, we tweaked the business plan to rent the units out and sell the building to investors,” Lopez said. The developers have three letters of intent signed for gross rents at $48 per square foot, he added.
The project launched sales in 2015. It’s the first new development for Brown Harris Stevens Miami since the New York brokerage opened an office with the 2015 acquisition of Zilbert International Realty. In September, Brown Harris Stevens Miami opened a commercial division.
MKDA designed Offizina’s interiors. Amenities include a two rooftop sunset terraces, electric car charging stations, valet and self parking.
Ofizzina is a few blocks north of the city’s central business district. Development is booming in Coral Gables. Projects under construction include The Plaza Coral Gables, a major mixed-use project at 2901 Ponce de Leon Boulevard, which will have a high-end hotel, Class A office space, retail and luxury rentals.