Tresor Immo Florida has acquired an additional 70 percent ownership of Gables Square in Coral Gables.
Shaun Bevan
Reporter- South Florida Business Journal
Coral Gables-based Tresor Immo Florida, an affiliated unit of Swiss luxury watch manufacturer Chopard, has acquired an additional 70 percent ownership in Gables Square.
The transaction increases the company’s total ownership to 95 percent. Gables Sqaure consists of a 90,000-square-foot office building located at 75 Valencia Ave.
At least 70 percent of the property was acquired from North Carolina-based First Citizens Bank Trust Co. for $7.5 million.
Tresor Immo plans to bring major capital and tenant improvements to the 12-story glass and marble-clad building as part of its program to convert Gables Square from condominium offices to leaseable office space, according to Managing Member Rudolf Lang.
Chopard occupies 22,800 square feet at Gables Square, which houses its Latin American and Caribbean offices and training facility. The location will be the site of a new watch and jewelry repair and service center.
Lang also said that Sime Realty Corp. will be the new leasing representative for Gables Square, effective immediately.
"We are proud to be associated with a strong owner who can make decisions about Gables Square on a local level," said Scott Sime, president of Sime Realty."The involvement of Chopard, a truly extraordinary international company, demonstrates the tremendous level of commitment to introducing major improvements to the property and achieving tenant satisfaction. "
Gables Square is located close to Miami International Airport and the major expressways, and has several opportunities to lease full floors with up to 10,000 square feet of space, Sime said.
Shaun Bevan covers tourism, hospitality, retail and restaurants.
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