Which Coral Gables Office Sold for $98M?
The office property that sold for $97.8 million was The Ponce office complex, a major Coral Gables portfolio anchored by the 12-story Class A building at 2555 Ponce de Leon Boulevard.
The portfolio was acquired by Intalex Capital, Itero Investments and Greenwall Capital in a 365,000-square-foot portfolio deal.
Known as the Ponce Complex, the asset spans 717,805 square feet across multiple office buildings and related structures in Coral Gables.
Portfolio Composition
The main tower is paired with a 6-story Class B office building in the same Ponce de Leon corridor.
The portfolio also includes a parking garage at 152 Valencia Avenue and other office properties connected to the broader complex. Unlike sectors facing rising operating costs, Coral Gables office investors have continued pursuing large-scale acquisitions.
Market Significance
The 2026 transaction ranked among the largest office sales in Coral Gables that year.
Its size, northeast Coral Gables location, and mix of Class A and Class B space made it a standout South Florida deal.
Who Bought The Ponce From PGIM?
A four-part consortium bought The Ponce from Prudential Global Investment Management for $97.8 million. The buyers were Intalex Capital, Itero Investments, Greenwall Capital Management, and the family office of late entrepreneur Carl DeSantis.
The consortium included three corporate investors and DeSantis’ family office. DeSantis founded Sundown Vitamins and was also an early investor in Celsius.
The group acquired the 12-story Class A building at 2525 Ponce de Leon Boulevard. It also bought the six-story Class B building at 2555 Ponce de Leon Boulevard, along with rights to the parking garage at 152 Valencia Avenue.
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ACORE Capital financed the purchase with a $105 million loan. It also provided another $30 million for planned capital improvements after the July 2026 closing.
Why Did The Ponce Sell for $98M?
Priced at $97.8 million, just $200,000 below PGIM’s original $98 million ask, The Ponce traded at that level because the valuation captured a 717,805-square-foot office portfolio.
The portfolio included a 12-story Class A building at 2525 Ponce de Leon Boulevard, a six-story Class B building at 2555 Ponce de Leon Boulevard, and the parking garage at 152 Valencia Avenue.
The pricing also reflected the asset mix and market dynamics in Coral Gables. Demand for quality office space supported value, especially with a large Class A component and income potential across the three properties.
Financing Structure
The financing structure reinforced that valuation. ACORE Capital supplied a $105 million loan, including $30 million earmarked for capital improvements.
That additional funding signaled confidence in modernization plans, energy-efficiency upgrades, interior reconfiguration, and system updates.
These improvements were designed to preserve the property’s long-term competitiveness.
How Does The Ponce Sale Compare Locally?
Towering over routine Coral Gables office trades, the $98 million Ponce sale stands out as a top-tier transaction in the local market.
Lee & Associates identified it as exceptional, with total value running about 22.8 times above the local median office sale benchmark. Its estimated $1,614 per square foot also far exceeded the area average of $870, underscoring sharp price anomalies.
Speed And Market Position
The deal also moved faster than typical office trends suggest. Lee reported a 71-day median marketing period, while active listings sat closer to 103 days.
What Does the Sale Mean for Coral Gables?
Against a troubled national office backdrop, the $98 million Ponce transaction reinforces Coral Gables as a market where investor confidence and pricing discipline remain intact.
Institutional buyers continue targeting the city, from the $119.6 million Alhambra deal to the $76 million Columbus Center acquisition.
That pattern suggests market resilience, not isolation from national stress. Corporate users also keep validating demand through long-term commitments like Amerant Bank’s 18-year leaseback.
| Signal | Evidence | Effect |
|---|---|---|
| Confidence | $98M Ponce sale | Stability |
| Scale | $119.6M Alhambra | Institutional pull |
| Distress absorbed | $76M Columbus | Liquidity |
| Smaller bets | $18.5M 550 Ponce | Breadth |
| Long-term demand | $135M Amerant deal | Durability |
For Coral Gables, the sale underscores a preferred office destination where varied pricing, adaptive strategies, and active capital still support momentum.
Assessment
The $98 million sale of The Ponce marked one of Coral Gables’ most significant office trades in a strained market. The transaction signaled continued investor demand for well-located, high-quality assets despite pressure across the office sector.
It also reinforced Coral Gables’ standing as a comparatively resilient submarket in South Florida. The deal suggested that pricing, tenant stability, and location remain decisive factors as capital continues to target defensive office investments in uncertain conditions.
