First Phase of 396 Alhambra Office Complex in Coral Gables, FL is Now Complete and Open to Tenants

Construction milestone paves the way for completion of the project's North Tower in late 2011. End Quote

Miami, FL (1888PressRelease) August 03, 2011 - One of Coral Gables' architectural landmarks has been transformed into the city's newest class A office building. The owners of 396 Alhambra, a 273,000 square foot mixed-use office and retail development underway in the heart of the Coral Gables, have announced the completion of the project's South Tower, a 7-story, 87,000 square foot office building.

The announcement follows a dramatic renovation and modernization that converted the building into luxury class A office space. Delivery of the South Tower paves the way for the completion of 396 Alhambra's second phase, a newly-constructed 15-story building which will include 156,000 square feet of office space. The project also includes 30,000 square feet of prime ground-floor retail and restaurant space. 396 Alhambra stands alone as the only newly-constructed class A office development to deliver in Coral Gables in 2011.

The project's South Tower delivers to market with 30,000 square feet of office space already leased. Following is a breakdown of the transactions completed to date, with co-brokers noted where applicable:
• RTKL Associates, the international architecture and planning firm, moved into 11,652 square feet of space in the project's South Tower, (represented by Alan Kleber of Cushman & Wakefield of Florida).
• Terra Networks, the internet arm of Telefόnica Group, leased 9,000 square feet of space with plans to take occupancy of its new premises this October (represented by Campbell Real Estate Advisory Group, Inc.).
• Citibank, N.A., currently occupies 5,003 square feet of space in the project's South Tower and will relocate to the North Tower in 2012.
• KabooKaboo, a marketing and communications firm, leased 3,905 square feet of office space in the project's South Tower.

"396 Alhambra is the most exciting commercial development to rise in Coral Gables in years," said David Valdez, Executive Vice President of Blanca Commercial Real Estate, which is serving as the exclusive leasing agent for 396 Alhambra. "The project sits on the best parcel of land remaining in the Coral Gables business district, located along Alhambra Circle - a straight shot to Miami International Airport, a short drive from the area's top residential neighborhoods, and within walking distance of the Gables' various shops, hotels and restaurants. This is an ideal location for companies large and small seeking premium office space in the Miami market."

Construction of 396 Alhambra began in early 2009. Renovations to the South Tower included the replacement of the building's windows with hurricane-resistant impact glass; an overhaul of its plumbing and HVAC systems, elevator cabs, and electrical components; and the addition of premium finishes throughout all of the building's common areas. An existing three-story parking garage was replaced by a new eight-story garage providing access to both the North and South Towers.

As a result of these upgrades, 396 Alhambra's South Tower is on track to achieve LEED Silver certification, with the neighboring North Tower pre-certified at the LEED Gold level.

Designed by Miami-based architectural firm The Fullerton Group and being constructed by Balfour Beatty, 396 Alhambra is located at 396 Alhambra Circle in Coral Gables, Florida. The building offers spectacular views and flexible floor plates ranging from 8,950 to 31,000 square feet. Amenities include secure, ample covered parking in an eight-story parking garage, valet parking, concierge service, 24-hour security with card-key access, an on-site Citibank branch, 30,000 square feet of prime restaurant and retail space and a beautifully landscaped outdoor terrace and courtyard for the enjoyment of all tenants.

Learn more at www.396alhambra.com. For leasing information, please contact David Valdez or Danet Linares of Blanca Commercial Real Estate at (305) 577-8850.

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